Herbonis acquired by Innovad Group
Context
Strengthening its strategic focus on natural specialty feed ingredients, Belgium-based Innovad, backed by its financial sponsor IK Partners through the IK IX Fund, has completed the acquisition of 100% of the share capital of Swiss company Herbonis along with its affiliates, including UK-based Wyreside. This targeted build-up transaction aligns with Innovad's investment thesis to expand into primary botanical ingredients and establish a global center of excellence in phytogenics and animal biomonitoring. At the time of the transaction, Innovad operates an extensive commercial platform spanning 75 countries, providing Herbonis with an established global sales organization to accelerate market access and brand adoption among end users. Herbonis contributes its proprietary niche portfolio, centered on its flagship product Panbonis, a plant-based active Vitamin D3 technology targeting poultry, swine, and dairy herds. The acquisition enables Herbonis's existing ownership and management to partner with an international group equipped to support continued commercial expansion, leveraging commercial synergies to distribute highly researched, low-carbon feed additives across a broader international customer base.
Herbonis, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Healthcare & Pharma sector (14.3x).
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Target
Within the animal nutrition and health sector, developing plant-based bioactive molecules represents a critical pathway to meet the growing demand for sustainable livestock solutions. Based in Switzerland, Herbonis is a specialist provider focused on natural specialty feed ingredients derived from botanicals. The company has established a strong technical profile through proprietary analytical tools dedicated to bioactive plants, formulating high-performance solutions for poultry, swine, and dairy applications. Its core product technology delivers a metabolic active form of Vitamin D derived entirely from botanical sources, supported by extensive scientific documentation and published research. Operating as a niche leader in phytogenic ingredients, Herbonis serves feed manufacturers and livestock professionals seeking cost-effective, low-carbon alternatives to conventional additives. The group's international operational footprint also includes specialized affiliates, such as Wyreside in the United Kingdom.
Ent. Value
€1–100M
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
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Other operations with Innovad Group
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 08/2025 | PAI PARTNERS | Innovad Group | BELGIUM | Animal Health |
| 02/2021 | IK PARTNERS | Innovad Group | BELGIUM | Animal Health |
REFERENCES
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: herbonis
Acquirer: innovad group