Solabia Group has acquired Algatech Ltd. for an undisclosed sum.
Solabia Group (Paris, France) has acquired Algatech Ltd. (Harrison, NY) for an undisclosed sum. A leader in microalgae, Algatech has experienced high double-digit top line growth over the last several years, a trajectory it hopes to continue with Solabia’s backing. The strategic investment will support Algatech’s research and development (R&D) efforts, as well as the expansion of its production capabilities to meet the increasing global demand for microalgae products.
“Algatech’s pioneering R&D, impressing manufacturing facilities, market leading product portfolio, and established customer base brings the opportunity for Solabia to be present in both fields of macroalgae and microalgae whose futures are very promising,” said Gerard Josset, CEO of Solabia Group, in a press release.
“Together with Solabia, we are poised to extend the Algatech growth story as part of our larger organization with extensive global footprint, a shared commitment to innovation, research and development, and an unwavering focus on utilizing the benefits of microalgae to elevate the health of all of us,” said Hagai Stadler, CEO of Algatech, in a press release. “I am thankful for the hard work and dedication of our employees, and the incredible support of our previous investors Grovepoint Capital and JCA Charitable Foundation over the past six years.”
The transaction represents a full realization of Grovepoint Capital’s and JCA Charitable Foundation’s investments, while Kibbutze Ketura, where Algatech's operation is based out of, will retain a minority share of Algatech.