France: Wessanen to acquire IneoBio
In its second major acquisition announcement of the year, Dutch health foods specialist Wessanen has revealed that it is set to take over IneoBio, a French firm that it describes as being an "expert in organic coffee and tea".
Ineobio is active in organic coffees, teas and herbal infusions and is the owner of Destination, the leading coffee and tea brand sold in French health food stores. It operates a manufacturing plant in Bordeaux, France and also exports to a wide range of countries.
Wessanen said that Ineobio, which has 76 full time employees, had recorded strong growth in its core categories of tea and coffee over the past few years, with net revenues in 2015 amounting to €21 million ($24 million). The company added that organic tea & coffee was a core category and one in which the firm already had marketing leading positions in Europe through its Alter Eco & Bonneterre brands.
Commenting on the launch, Wessanen CEO Christophe Barnouin said: "The acquisition of Ineobio/Destination is a further step in the execution of our strategy. Destination has great knowledge in the sourcing, blending and manufacturing of organic teas & coffees. It will strengthen our R&D and production capabilities to fuel the growth of our brands in Europe in this core category. It reinforces again our commitment to organic food as well as to the organic specialised trade : Ineobio, and Wessanen are two companies committed to organic food and sustainable farming".
The deal, which is expected to close in June 2016, follows a announcement in February that Wessanen was set to buy the Piramide tea brand from the Organic Flavour Company.