Probi acquires Nutraceutix
Probi USA, Inc., a wholly-owned subsidiary of the Swedish probiotic company Probi AB (publ) (“Probi”), has entered into an agreement with the American company TNTGamble, Inc. (“TNT”) whereby Probi acquires TNT’s probiotic business Nutraceutix. The preliminary cash purchase price amounts to USD 105 million (cash and debt free). The cash purchase price will be financed through available cash reserves, a credit facility and a bridge facility. The bridge facility will be repaid by proceeds from a proposed new share issue with preferential rights for existing shareholders of approximately SEK 600 million.
Nutraceutix is among the top five probiotic producers in North America and Probi’s acquisition of Nutraceutix will strongly enhance Probi’s presence on the North American market, add important new technologies, manufacturing capabilities and customers, and create a platform for further acquisitions.
Probi is advised by Wiggin and Dana LLP and Mannheimer Swartling. The firm’s team primarily consists of Johan Lekholm, Isabel Lindeberg and Louise Bjartell (M&A, Swedish law issues), Zoran Stambolovski (financing), Madeleine Rydberger, Jakob Wijkander, Aleksander Ivarsson and Simon Bengtsson (equity capital markets).