The deal is the latest purchase by the firm in their quest to bolster their presence in the health and beauty sector following the acquisition of sports nutrition brand Proteinfabrikken (Protein Factory) in January.
“With the acquisition of NutraQ, Orkla is taking a new, important step into a growing health and wellness market,” says Orkla President and CEO Jaan Ivar Semlitsch.
“I am impressed by how NutraQ has adopted subscription solutions to reach consumers directly in their own homes. NutraQ’s concepts and brands will offer Orkla exciting growth opportunities.
“NutraQ will bring Orkla Health new competence, more sales channels and a larger international scope of opportunity.”
Orkla Health have acquired NutraQ’s VitaePro and Oslo Skin Lab, two health and beauty brands that tap into the nutricosmetic concept as well as offer supplements for everyday health and well-being.
VitaePro, a supplement intended to benefit the muscles joints and the heart via its blend of vitamins, antioxidants, omega 3 and Boswellia serrata, employs a subscription solution that Orkla said represented a “new business approach”.
A stand-alone entity
NutraQ currently has around 410 000 active subscriptions that has grown by 13% on average annually during 2018-2020. Its turnover totalled €85m (NOK 862m) in 2020 and EBITDA of €19m (NOK 188m).
“NutraQ has built up a business model and an organisation that is well positioned for further growth and expansion,” adds Hege Holter Brekke, EVP and CEO of Orkla Care of which includes Orkla Health.
“We think that, as a part of Orkla Health, NutraQ will be able to launch a number of exciting concepts and contribute to profitable growth in the coming years.”
NutraQ, which Orkla said would be integrated as a stand-alone entity, also offers a series of skin-based products that are based on such ingredients as collagen, antioxidants, fatty acids, vitamins and minerals.
Two of its products ‘The Solution Beauty collagen’ and ‘The basics Essential Skin Nutrition’ also employs a subscription-based model that offers its members delivery of the product every four weeks at a discounted membership price.
NutraQ also owns two Men’s Health brands, Maxulin and Provexin, and the Vesterålens Naturprodukter brand that offers omega-3 and various vitamin supplements.
With the acquisition, Orkla adds to its current portfolio of branded consumer goods in categories such as cod liver oil, vitamins and other dietary supplements. The best-known brands in its stable are Möller’s Tran, Nutrilett, Maxim, Livol, Collett and Sana-sol.
Protein Factory purchase
In January of this year, Orkla confirmed it had purchased the remaining shares of sports nutrition brand Proteinfabrikken (Protein Factory).
Through its wholly-owned Swedish subsidiary Health and Sports Nutrition Group AB (HSNG), Orkla Care has topped up its 16.7% minority share of Proteinfabrikken purchased back in 2014.
Founded in 2001, Proteinfabrikken specialises in a range of sports nutrition products that includes protein powders, bars, Pre-Workout (PWO) nutrition, branched-chain amino acid (BCAA)-based products, dietary supplements, Ready to Drink (RTD) and food additives.
Orkla also demonstrated an interest in gut health back in 2019 with the purchase of 43.5% of the shares of the Portuguese company Asteriscos e Reticências.
The company produces fermented tea-based health drinks that are sold all over Europe under the Captain Kombucha brand.
“In investing in the Captain Kombucha brand we are putting our money on a new and increasingly popular product,” said Orkla EVP and Orkla Foods International CEO Johan Wilhelmsson, who will be Chairman of the Board of the company known for the Captain Kombucha brand.
“The probiotics and organic acids it contains have a positive effect on gut health, which is one of Orkla’s priority areas.”