IK Investment Partners to acquire Innovad Group


IK Investment Partners (“IK”) is pleased to announce that the IK IX Fund has entered exclusive discussions to acquire a majority stake in Innovad Group (“Innovad” or “the Company”) from CEO and founder Jamal Al-Saifi. Financial terms of the transaction are not disclosed.

Innovad is a global supplier of animal health and nutrition solutions, primarily targeting the pigs and poultry as well as the ruminants segment. The Company employs over 80 people globally, including veterinarians and nutritionists who partner with customers to develop tailored solutions to improve the health of livestock.

Founded in 2010, the Company is headquartered in Antwerp, Belgium, and serves 65 countries through local sales offices and a network of exclusive distributors. Innovad offers a broad array of both welfare and technological additives, fulfilling various needs of the animal nutrition and health spectrum as well as enhancing feed quality. The Company primarily targets the premium intestinal health and mycotoxin stress control segments through an innovative offering. It is also active in preservatives, digestive aids, feed attractants and pigments, allowing it to address a diverse range of needs experienced on farm through comprehensive animal health programmes. Over the last decade Innovad has expanded significantly through organic growth, acquisitions and strategic joint ventures, with double-digit annual revenue growth.

The transaction also includes Add-Co Nutrition (“Add-Co”), an Italian feed additives supplier with a strong presence in natural pigments and concentrates, which will become a full subsidiary of the Innovad Group.

IK is acquiring its stake from Jamal Al-Saifi, who is stepping down as CEO and will retire from the business. Fellow co-founder Ben Letor will become CEO following the transaction and will be reinvesting alongside management and IK.

Completion of the transaction is subject to legal and regulatory approvals.

Jamal Al-Saifi, founder of Innovad and outgoing CEO, said: “Over the past ten years, we have built Innovad into one of the leading global feed additives players supporting over 200 customers across more than 65 countries. Innovation has been an integral part of Innovad as evidenced by our original and solid solutions setting the industry standard for animal health and well-being. Innovation, creativity and solid science is ingrained in our culture and together with the expertise, dedication and commitment of our team it has made the company into what it is today. Innovad is ready for a new growth phase under IK’s and Ben’s leadership.”

Remko Hilhorst, Managing Partner at IK and advisor to the IK IX Fund said: “Innovad has an impressive track record, with plenty of runway for future growth, both organically and through selected add-on opportunities. The market for sophisticated animal health products has never been stronger, and we are excited to support the new team under Ben to further develop the platform of opportunity.”

Ben Letor, co-founder of Innovad and incoming CEO, said: “It is exciting to be partnering with IK as we enter this next phase to consolidate our position and prepare for further sustainable growth. With their strong credentials in food and animal health, their past successes with similar industries and Innovad’s established track record and ambition, we look forward to working together to develop into a global leader.”

Massimo Neri, co-founder of Add-Co Nutrition: “By integrating into Innovad Group our scope of opportunities will undoubtedly expand, bringing our natural pigment technology to a much larger customer base across the world. In addition, the combination of our knowledge and experience will greatly contribute to the development of new innovative solutions for our customers. We are pleased to take this next step in our growth as part of the Innovad Group and together with IK.”

Advisors involved in the transaction:

Commercial: Roland Berger
Environmental: Ramboll
Financial: EY
Legal: White & Case
M&A: Squarefield
Tax: PwC
Technical: CPL Business Consultants

For further questions, please contact:

IK Investment Partners

James McFarlane
Phone: +44 (0) 7584 142 665

About IK Investment Partners

IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €13 billion of capital and invested in over 145 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

About Innovad

Innovad is a leading supplier of animal health and nutritional solutions. The Company is headquartered in Antwerp, Belgium and serves over 65 countries with specialty blended animal feed and drinking water additives. For more information, visit www.innovad-global.com

About Add-Co

Add-Co is a feed additives producer and distributor servicing customers across Europe. Over the last ten years, the company has developed from being a distributor of Innovad’s products in Italy to one of the top three companies in natural pigments and concentrates. Add-Co serves both industrial clients and farmers through a well-organised network of sales representatives and sales agents. For more information, visit https://www.addco.it/

Categories: News


IVC Evidensia expands partnership to drive next phase of accelerating growth

No Comments


  • Europe’s largest veterinary care provider welcomes additional investment and renewed long-term commitment from largest shareholder EQT Private Equity
  • New minority investment from technology leader Silver Lake validates success to date and compelling opportunities ahead
  • The expanded partnership is expected to accelerate continued growth and further broaden IVC’s digitalization and innovation capabilities

IVC Evidensia (“IVC” or “the Company”), Europe’s largest veterinary care provider, announces an expanded partnership among its shareholders to support IVC in driving its next phase of accelerating growth. The aggregated new investment from the expanded partnership transaction totals €3.5 billion and values IVC at an enterprise value of approximately €12.3 billion.

Headquartered in Bristol, UK, IVC is a leading veterinary services provider with a network of more than 1,500 clinics and hospitals and approximately 22,000 employees across Europe. Founded in 2011, IVC operates a decentralized model promoting innovation and clinical freedom balanced with integrated support functions such as procurement, veterinary advisors and clinical boards. With the purpose of providing the world’s best veterinary services by caring for pets and people, IVC is leading the way in bringing new standards to animal care and staff wellbeing in the sector globally.

IVC was acquired by EQT Private Equity in December 2016, through its EQT VII fund, and in May 2017 the Company merged with Evidensia, a Swedish veterinary group acquired by EQT Private Equity in 2014. Since then, IVC Evidensia has transformed into the leading European veterinary services provider through accelerated organic growth and a large number of strategic add-on acquisitions. EQT has supported IVC through hiring a new leadership team around CEO, Steve Clarke, and Chairperson, Kate Swann, and revenue has more than tripled since the merger.

As part of its long-term commitment to IVC, EQT Private Equity is making a substantial investment through its EQT IX fund, and with the transaction EQT VII is partially exiting its stake but will remain invested in the Company. As its largest shareholder, EQT Private Equity’s new investment is a validation of the successful partnership and continued potential for substantial growth in IVC.

Silver Lake, a leading global technology investment firm, is making a new substantial minority investment in IVC to help further unlock growth from digital and technology opportunities. Silver Lake has strong expertise and relationships in technology and plans to support IVC as it digitalises its business and develops cutting edge digital products and solutions.

Nestlé, which joined EQT Private Equity in 2019 as a minority investor and strategic partner, is also increasing its minority stake in IVC as part of this transaction. IVC will continue to operate as an independent business and this partnership will allow the Company to leverage Nestlé Purina PetCare’s leading expertise in pet health, pet nutrition and scientific innovation, while Nestlé Purina PetCare EMENA benefits from unique insights into veterinary care which help to improve and deliver advanced pet food solutions and first-class pet care services.

Steve Clarke, CEO of IVC Evidensia, said: “This expanded partnership underscores and reflects our vision for what great veterinary care can be.  We are very pleased about the strong renewed commitment from our largest shareholder EQT Private Equity, who has built this company and set the foundation for its sustained growth, and Nestlé Purina PetCare EMENA, with whom we have a powerful partnership combining unique insights across pet nutrition and veterinary care. We believe that we can accelerate our growth through various digital opportunities and are excited to welcome Silver Lake to the shareholder group, who together with EQT, will support us with expanding our digital products and solutions. The totality of this new partnership is exciting and we look forward to together building a digital ecosystem around IVC.”

Per Franzén, Partner and Investment Advisor to EQT Private Equity, said: “We have seen tremendous growth over the past several years and the additional investments will help to fuel IVC’s continued innovation in veterinary care and cement its leadership position in Europe. EQT Private Equity is delighted to both welcome Silver Lake as an investor and continue with the strong support from IVC’s existing partner, Nestlé Purina PetCare EMENA.”

Simon Patterson, Managing Director of Silver Lake and Co-Head of EMEA, said: “IVC is a strong, well-managed business investing effectively in digital technology to create better outcomes for customers and clinicians. We are excited to partner with the existing investors and the highly talented management team to help the company accelerate the implementation of its digital strategy and build a world-class direct-to-consumer platform for pet care.”

The transaction is subject to regulatory approval. It is expected to close in Q2 2021 at the latest. Goldman Sachs and Jefferies acted as financial advisors to the sellside. J.P. Morgan and Numis acted as financial advisors to Silver Lake.

With this transaction, EQT IX is expected to be 35-40 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.


For IVC Evidensia:
Fiona Micallef-Eynaud, Brunswick Group, IVCEvidensia@brunswickgroup.com, + 44 207 404 5959

For EQT:
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

For Silver Lake:
Jess Gill, Edelman Smithfield, jess.gill@edelmansmithfield.com, +44 (0)7980 684 247

For Nestlé:
Christoph Meier, mediarelations@nestle.com, +41 21 924 2200

About IVC
IVC is the largest and most diversified vet services platform in Europe with more than 1,500 clinics and hospitals across 12 countries. IVC employs approximately 22,000 people, including over 6000 veterinarians.

More info: www.ivc.group

About EQT
EQT is a purpose-driven global investment organization with more than EUR 84 billion in raised capital and over EUR 52 billion in assets under management across 17 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Silver Lake
Silver Lake is a global technology investment firm, with approximately $75 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake’s portfolio of investments collectively generates more than $180 billion of revenue annually and employs more than 400,000 people globally. For more information about Silver Lake and its portfolio, please visit www.silverlake.com.

About Nestlé Purina PetCare EMENA
Nestlé Purina PetCare EMENA (Europe, Middle East, and North Africa) believes that pets and people are better together and is committed to helping pets live longer, happier and healthier lives through proper nutrition and care. For over 120 years, Purina has been one of the pioneers in providing nutritious and palatable products made to the highest standards of quality and safety. Purina’s passion for pets goes beyond the advancement of pet nutrition, and in 2016, Purina PetCare Europe launched the 10 Purina in Society commitments to have a positive impact on pets and society, including promoting pet adoption, pets in the workplace and helping to reduce the risk of pet obesity. The Purina portfolio includes many of the best-known and best-loved pet foods including Purina FELIX®, Purina FRISKIES®, Purina BENEFUL®, Purina BEYOND®, Purina FIDO®, Purina ONE®, Purina GOURMET®, Purina PRO PLAN® and Purina BAKERS®.  

A premiere global manufacturer of pet products, Nestlé Purina PetCare is part of Swiss-based Nestlé S.A., a global leader in nutrition, health and wellness. 

Categories: News


The Carlyle Group Enters into Binding Agreements to Acquire a Majority Stake in SeQuent Scientific Limited


Mumbai, May 8, 2020 – Global investment firm The Carlyle Group (NASDAQ: CG) and the existing promoters of SeQuent Scientific Limited (BSE-512529; NSE: SEQUENT) today announced that CA Harbor Investments, an affiliated entity of CAP V Mauritius Limited and The Carlyle Group (together, “Carlyle”), has agreed to acquire an equity stake of up to 74% in SeQuent Scientific Limited (“SeQuent”), the largest pure-play animal healthcare company in India.

CA Harbor Investments proposes to acquire a majority stake in SeQuent via private share purchase agreements, for a purchase price of INR 86 per share. Pursuant to the Securities and Exchange Board of India (SEBI)’s Takeover Regulations, the proposed transaction will trigger a mandatory open offer by CA Harbor Investments and CAP V Mauritius Limited for the purchase of up to 26% equity shares of SeQuent from public shareholders to be identified in the open offer documents[1]. The transaction is expected to close in the third quarter of 2020, subject to customary closing conditions and regulatory approvals. Following the completion of this transaction, CA Harbor Investments will become the new promoter of SeQuent.

Headquartered in Mumbai, SeQuent is the largest Indian pure-play animal healthcare company with global operations. SeQuent provides animal health Active Pharmaceutical Ingredients (“API”), formulations, and analytical services in over 100 countries, with more than 1,700 employees and manufacturing operations in India, Spain, Turkey, Germany and Brazil.

Arun Kumar, on behalf of the current promoter group of SeQuent, said, “We are pleased to have achieved this strategic outcome for SeQuent and its investors through this divestment. Our investment in this niche sector of the industry has played out as intended thanks to the leadership of Manish Gupta, his leadership team and employees, who have collectively created this world-class Indian animal health company. We are confident that Carlyle’s global network and resources will be a catalyst for SeQuent’s next stage of growth and innovation. We thank the Board of Directors, our employees, investors, banks and other stakeholders for their support in building SeQuent to what it is today and wish the SeQuent team the very best.”

Neeraj Bharadwaj, Managing Director of the Carlyle Asia Partners team, said, “SeQuent is led by an experienced management team, and has built strong API and formulation businesses that are poised for continued growth in the evolving animal health industry. We will draw on our global network, industry knowledge and operating expertise in healthcare to advise SeQuent on its business expansion strategy, enhance its operations, and help the company drive sales and product innovation.”

“We see strong growth potential in the global animal health industry, including the livestock segment where SeQuent is operating, thanks to increasing demand for animal protein, rising awareness of food safety, and growing disposable income,” he added.

Manish Gupta, CEO of SeQuent, said, “SeQuent emerged as India’s leading animal healthcare company within six years, completing phase one of SeQuent’s growth journey. On behalf of the entire management team, I would like to thank Mr. Arun Kumar for his vision and support in building a global animal healthcare company. We look forward to a new phase of development, where we together with Carlyle will work to grow the company into one of the top global animal healthcare companies.”

The Carlyle Group has a well-established history of investing in the healthcare sector, both in India and globally, fueled by a deep understanding of the market and an ability to create value through its operational expertise and close partnerships with management. Its investments in the Indian healthcare sector include Medanta Medicity Hospital, a leading hospital in the National Capital Region of Delhi, and Metropolis Healthcare, which operates a chain of diagnostic centers and laboratories.

The Carlyle Group is a long-standing global investment firm in India, making investments in India since 2000. With global resources, deep industry expertise and strong local knowledge, Carlyle has invested more than US$2.5 billion in India as of March 31, 2020. Its other notable investments include SBI Life, SBI Card, HDFC, India Infoline, Delhivery and PNB Housing Finance.

J.P. Morgan acted as exclusive financial advisor while Nishith Desai Associates acted as legal advisor to SeQuent and its promoters.

Nomura acted as exclusive financial advisor while AZB & Partners and White & Case acted as legal counsels to CA Harbor Investments and Carlyle. Nomura will be acting as the manager to the public tender offer.

* * *

About SeQuent Scientific Limited

SeQuent Scientific Limited (BSE-512529, NSE-SEQUENT) headquartered in Mumbai, India with a global footprint, operates in the domains of Animal Health (Alivira) and Analytical Services. SeQuent has eight manufacturing facilities based in India, Spain, Germany, Brazil and Turkey with approvals from global regulatory bodies, including USFDA, EUGMP, WHO, TGA among others. Its Vizag facility is India’s first and only USFDA approved facility for veterinary APIs. SeQuent is listed on the National Stock Exchange (NSE: SEQUENT) and BSE Limited (BSE: 512529) in India.


SeQuent’s revenue for the twelve months ended December 2019 was INR 11,606 million and profit after tax (before minority interest) for the same period was INR 851 million. The company was recently named “The Best Company in India/Middle East/Africa” at the Animal Pharm Awards 2019.


About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $217 billion of assets under management as of March 31, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 32 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.


Media Contacts:

Tushar Mistry
Chief Financial Officer
Tel: +91 22 4111 4717

Diwakar Pingle
Christensen Investor Relations
Tel : +91 22 4215 0210

Abhishek Singhal
Investor Relations Consultants


Tammy Li
Phone: +852 2878 5236

Adfactors PR
Manibalan Manoharan
Phone: +91 9833949919

Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. SeQuent Scientific Ltd. and The Carlyle Group will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

Categories: News