IRELAND – Kerry Group, the Irish consumer foods and ingredients group, has confirmed the acquisition of US-based tech company Ganeden,

Ganeden is a tech innovation company, which focuses on patented probiotics and related technologies, with more than 135 patents for technologies in the supplement, food, beverage, nutrition and personal care markets, based in Cleveland.

It had annual revenues of approximately US$25 million in its latest financial results.

The company is best known for GanedenBC its patented probiotic ingredient found in more than 750 food and beverage products around the world.

“Ganeden technologies will be extended into wider applications across Kerry’s global developed and developing markets,” a statement from the company said.

Under the terms of the acquisition Kerry Group did not disclose the value to the deal, however, director of corporate affairs at the company, Frank Hayes, described the acquisition as one of importance.

“The business Ganeden is small in scale, but its technology can be deployed across all of the markets that Kerry operates in,” Mr Hayes said.

A statement from Kerry Group also said that the acquisition complimented its 2015 acquisition of Wellmune, a beta glucan immune boosting product.

Newly-appointed Kerry Group CEO, Edmond Scanlon also told investors at Capital Markets presentation at the group’s Naas facility that the group was to deliver surplus 10% adjusted earnings per share growth on a constant currency basis over each year, in 5-year period.

“Kerry Group has a unique scalable business model which I am confident can deliver the continued organic growth of the business across developed and developing markets as planned.

We are in a strong position to lead the continued consolidation of our industry benefiting from the group’s strong balance sheet, scalable business model and geographic footprint,” Mr Scalon said.

Kerry Group had announced its growth in revenue by 4.8% to US$3.2 billion in the last six months that ended on June 30.