Finnish food company Raisio Group has acquired the Benecol business in the UK, Ireland and Belgium from Cilag, a subsidiary of Johnson & Johnson.
Owned by Raisio Group, the Benecol brands' license to sell and market the products was given to Cilag GmbH International.
With this agreement, Raisio will be now licensed to produce cholesterol-lowering functional foods under Benecol brand in those regions. This deal is estimated to increase Raisio's EBIT by some €9m per year.
The company has also amended its agreement concerning North American rights to Benecol with another Johnson & Johnson affiliate McNEIL-PPC.
Raisio CEO Matti Rihko said: "The acquisition of the Benecol business in the UK, Ireland and Belgium as well as the amended agreement in the USA strongly support Raisio's growth strategy with its branded business.
"In terms of Benecol products, Raisio's long-term strategic goal is to enhance competitiveness in the existing markets, to expand into new markets as well as to innovate new products."
Raisio Group said that the purchase price for business and stocks totalled €88.4m with the company financing the acquisition througha long-term loan of €80m.
The net sales of Benecol in UK, Ireland, Belgium and US were around €76m in 2013, with 85% of this sale coming from UK and Ireland.
