Dutch life sciences firm Royal DSM NV (RDSMY.PK) said Friday that it has agreed with Clearwater Fine Foods and funds managed by Richardson Capital to acquire Ocean Nutrition Canada for a total enterprise value of C$540 million (about 420 million euros). The transaction is expected to close in the second half of 2012.
DSM expects the transaction to be earnings per share accretive from 2013 and is expected to accelerate revenue growth.
DSM said the acquisition will help to expand its newly established Nutritional Lipids growth platform, based on polyunsaturated fatty acids. Canada-based Ocean Nutrition Canada supplies fish-oil derived Omega-3 fatty acids for dietary supplements and food and beverage markets, which are highly complementary to its microbial DHA and ARA products, DSM added.
Ocean Nutrition Canada expects 2012 net sales of about C$190 million, with EBITDA of C$55 million to C$60 million.
Founded in 1997, Ocean Nutrition Canada has production sites in Canada, the U.S., and Peru and employs about 415 people.
Feike Sijbesma, CEO and chairman of the DSM Managing Board said, "After our successful acquisition of Martek in 2011, the acquisition of Ocean Nutrition Canada is the logical next step in developing our Nutritional Lipids into a major growth platform for our Nutrition cluster. Our science-based knowledge and expertise in nutritional ingredients will help to further grow Ocean Nutrition Canada's business as part of DSM."
In Amsterdam, DSM shares are currently trading at 39.08 euros, down 1.51 percent, on a volume of 352 thousand shares.
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