Swiss infant nutrition company Hochdorf has entered into an agreement to acquire a majority stake in Pharmalys Laboratories and Pharmalys Tunisia.
Under the purchase agreement, Hochdorf will buy 51% stake in both the companies.
Besides, it will acquire 51% stake in Pharmalys Africa, which is to be founded jointly with Pharmalys.
Pharmalys appointed CEO Amir Mechria said: “This majority shareholding represents a historic step for the HOCHDORF Group – a step towards the end consumer.
"This mutual shareholding allows Pharmalys to gain access to high-value Swiss products."
The acquisition is expected to be completed by the end of 2016. It enables Hochdorf to become active on the end-consumer infant formula market.
Since 2008, Hochdorf has been an infant formula supplier to the Pharmalys Group.
Hochdorf said: “A close collaboration has developed over this period, with Pharmalys becoming one of HOCHDORF's biggest customers in the area of Baby Care.”
The transaction is not expected to bring any significant changes in its cooperation with the Pharmalys team.
Based in Hochdorf, Switzerland, the Hochdorf Group is one of the leading foodstuff companies, with employee strength of 625 people as of 31 December 2015. It earned a revenue of CHF551.2m ($554m) last year.
Its products are made from natural ingredients such as milk, wheat germ and oil seeds.
Pharmalys, a customer of Hochdorf, has a staff of more than 500 direct and indirect employees around the world.
It markets infant nutrition under the Primalac brand and infant nutrition and cereals under the Swisslac brand.
The company’s products are available in 42 countries in Europe, Asia, Africa and the Middle East. It expects to achieve sales of CHF70m ($70.4m) million this year.
