French biotech firm, Solabia has acquired an 80 percent stake in Israeli Algatechnologies from Grovepoint and JCA Charitable Foundation, according to a report published by Globes.
Terms of the deal were not disclosed, but the deal is estimated at around US$80 to 100 million. Algatechnologies Founder Kibbutz Ketura will retain a 20 percent stake in the company.
“The deal represents a significant milestone for us and will enable Algatechnologies to realize its vision of making unique varieties of microalgae available to the world as an innovative source of the ingredients required by the food and healthcare markets,” Algatechnologies CEO Hagai Stadler told Globes. “Algatechnologies amazing team is writing new pages every day in the microalgae book and is expanding the limits of the creative and innovative capabilities in the field, which is still in its infancy. Microalgae will capture a central role in various industries in the 21st century and Algatechnologies from Israel’s Arava will be a main part of it.”
Solabia Group CEO Gerard Josset added, “The pioneering R&D capabilities of Algatechnologies, the impressive production facilities, the broad range of products and its well established customer base give Solabia an opportunity to strengthen its status in the microalgae industry, and especially in the nutritional and food additives market. Following the acquisition that we made in 2016 of Algues & Mer, the capabilities of Algatechnologies will enable us to strengthen and deepen our positioning in the foods and food additives market. We look forward to working with Algatechnologies team, which is rich in achievements and we are certain that it will help speed up growth of our existing products portfolio and in the development of new algae-based products for the cosmetics and pharmaceuticals industries.”