The acquisition enables Nagase – which already has a strong brand in Asia – to expand its footprint in Europe and North America, harnessing Prinova’s expertise to serve a broader market.
For Prinova, this means a larger operational scale and the pursuit of new business opportunities around the world, said the company.
The companies expect the transaction to close within 60 days.
“Prinova is among the world’s largest distributors and providers of functional ingredients and integrated nutritional solutions to food, beverage and wellness brands but we have always had a broader vision –to make a larger global impact by helping our customers grow their brands and improve their customers’ quality of life,” said Don Thorp, President of Prinova USA.
The combination with Nagase Group, a diversified Japanese chemical trading firm founded in 1832, will create a food ingredient manufacturing and distribution offering that marries Prinova’s renowned expertise with Nagase’s truly global footprint, said the company.
“This acquisition marks a significant milestone in our continued effort to expand Nagase Group’s global footprint in a high value-added business,” commented Kenji Asakura, President and CEO of Nagase Group. “The addition of Prinova’s expertise, unique positioning, and portfolio offering enables us to expand our food and nutrition ingredients value chain in North America, Europe and also in Asia.”
Though Prinova will be owned by Nagase, its brand, mission and core offerings will remain consistent, it noted.
Following the transaction’s close, Prinova’s current global leadership team will remain in place and, within Nagase’s infrastructure, continue to oversee the strategic growth and overall quality of the Prinova brand.
“As we discussed a possible combination with Nagase, we quickly realised that its global infrastructure, desire to increase its footprint in the food and nutritional ingredients space, and above all else, its commitment to the highest standards of quality and safety, made this an ideal opportunity for our company to realize its vision,” added Thorp.
He added that Prinova is ‘excited’ for the opportunities the new partnership will provide its customers and staff.
“In Nagase, we have found a parent company that shares many of our cultural characteristics and values, including a commitment to maintaining the highest standards of professionalism, integrity and sustainability,” Thorp added.
“Nagase has a tradition of helping companies develop the organizational infrastructure needed to expand their operations while providing them the freedom to run independently. It also understands the value we place on independence and innovation and is enthusiastic about the business and culture we have built.”