The expansion is conducted through a partnership with AIDP. “This distribution partnership is a major step forward for Algaia, supporting our growth ambitions for USA, Canada and Mexico,” said Fabrice Bohin, CEO of Algaia.
“We are anticipating double digit growth. Together with AIDP, we will be able to provide expanded service to our customers requiring alginates, while developing new opportunities for our algae-based ingredients line.”
The Paris-based company specializes in algae-based ingredients, including food thickening and gelling. The company went through an overhaul in 2015 and made its first M&A move in April 2016. Algaia concluded its Cargill alginate acquisition in January 2017. Also during the first quarter, Algaia invested €3m (US$3.3m) in its manufacturing facility in Lannilis, France, located next to a large resource of fresh seaweed biomass.
“We utilize fresh seaweed harvested predominantly from the Brittany coastal areas, next to our facility, applying our ‘Green Refinery’ concept to comply with customer and consumer demands for high quality products derived from sustainable natural sources,” Bohin said.
“We are delighted that AIDP will represent Algaia in the region and that we can add Algaia’s portfolio to our offering of products focused on meeting consumer demand for natural, wellness and health products,” said Mark Thurston, president of AIDP Inc.
“Our commitment is to source and supply high-quality ingredients backed by research, and provide proprietary solutions that address formulation challenges in mainstream food, functional food and beverages.”