IK PARTNERS takes majority stake in Innovad Group
Context
A leadership succession between founder Jamal Al-Saifi and fellow co-founder Ben Letor anchors the ownership transition under which IK Investment Partners entered exclusive discussions to acquire a majority stake in Innovad Group. Executed through the IK IX Fund, the buyout marks the retirement of the founder and outgoing CEO, while Ben Letor assumes the Chief Executive Officer role and reinvests substantially alongside the incumbent management team and the incoming private equity sponsor. The perimeter of the transaction encompasses the concurrent acquisition of Add-Co Nutrition, an Italian feed additives producer specialized in natural pigments and concentrates, which becomes a wholly owned subsidiary of the Innovad Group. At the time of the agreement, Innovad employs over 80 people globally, including specialized veterinarians and nutritionists, and serves more than 200 customer accounts across 65 countries. Over the preceding decade, the company sustained double-digit annual revenue growth through organic expansion, targeted add-on acquisitions, and joint ventures. The investment thesis formulated by IK centers on expanding Innovad's positioning across premium intestinal health and mycotoxin stress control additives, scaling global commercial distribution, and executing further strategic add-on acquisitions within the fragmented animal nutrition sector. Completion of the transaction remains subject to customary legal and regulatory approvals.
Innovad Group, which reported an EBITDA margin of [members only] in 2021, 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
Innovad Group is a globally operating supplier of specialty additives for animal feed, concentrating on poultry, ruminant and swine species. Its portfolio comprises high‑value solutions that support gut health, mycotoxin mitigation and immune function, with a pronounced emphasis on phytogenic and biomonitoring technologies. Headquartered in Antwerp, Belgium, the company serves roughly 900 customers across 75 markets. Production capacity is vertically integrated through three owned facilities in Belgium, Brazil and Italy, complemented by toll‑manufacturing partnerships in Switzerland and Italy. Innovad’s R&D platform drives the development of novel nutraceutical ingredients and a proprietary mycotoxin biomonitoring tool. The firm pursues organic expansion, strategic acquisitions and continuous enhancement of its development platform to reinforce its position as a leading specialist in animal nutrition additives.
Ent. Value
€1–100M
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Innovad Group
Other operations with Innovad Group
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 08/2025 | PAI PARTNERS | Innovad Group | BELGIUM | Animal Health |
| 04/2023 | Innovad Group | Herbonis | SWITZERLAND | Animal Health |
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REFERENCES
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Press release: view release
Target: innovad group
Acquirer: ik partners