Algaia has entered into an agreement to acquire Cargill’s alginates business and its production plant in Lannilis, northwestern France.
The acquisition is aimed at accelerating the development the field of natural extracts, more specifically seaweed extracts.
However, the terms of transaction were not disclosed.
For Algaia, the transaction brings a new strategic investor, which is expected to significantly increase its financial resources.
The strategy investor, whose name will be disclosed in the coming weeks, will join the capital of Algaia at the time of completion of the acquisition.
The transaction is expected to be completed in the coming months.
Algaia CEO Fabrice Bohin said: “The acquisition of the activities of Cargill Alginates (brown algae extract) fits perfectly in our development strategy.
“Our technical, commercial, engineering and our management team benefit from decades of experience in the field hydrocolloids, polysaccharides extracted from seaweed or other extracts specialty. We will be able to provide the necessary support to the development of alginates the activity.”
Algaia said that the company made significant progress to specialize in the field of marine ingredients following the arrival of its new CEO in 2014.
A few months ago, the company, which was previously known as Eviagenics, acquired a French start-up having a presence in the field of specialty seaweed extracts.
Emertec is now the largest investor in Algaia side of CEA Investment and Cape Decisif Management.
Cargill has already entered the phase of legal consultation of site employees Lannilis.
In August, Cargill entered into an agreement with Bunge to sell two oilseed processing plants and businesses in the Netherlands and France.
