Innovad Group acquired by PAI PARTNERS

A control buyout transaction has been agreed by private equity firm PAI Partners to acquire Innovad Group from IK Partners, initiating the next strategic expansion cycle for the specialty animal feed additives business. The transaction provides a full monetization event for the seller's IK IX Fund, which held its equity position since 2021. In conjunction with the buyout, the incumbent leadership team headed by Chief Executive Officer Ben Letor is reinvesting alongside the incoming financial sponsor to ensure management continuity and execute the long-term roadmap. Under the prior holding period, the platform delivered consistent double-digit revenue growth, commercialized the proprietary Myco-Marker biomonitoring diagnostic tool, and successfully integrated three strategic add-on acquisitions that broadened its phytogenic capabilities. At the time of the deal, the Belgium-headquartered company operates six production facilities, combining three proprietary manufacturing sites in Belgium, Brazil, and Italy with specialized tolling partners in Switzerland and Italy, serving 900 customers across 75 countries. The value creation plan established by PAI Partners leverages its domain expertise in food, ingredients, and animal nutrition to accelerate organic commercial momentum, increase scientific development capabilities, and execute selective cross-border add-ons. Closing of the deal is targeted for the first quarter of 2026, subject to customary closing conditions.

In the past, the company underwent an LBO led by Ik Partners in 2021, and continued an active consolidation strategy by notably acquiring Herbonis (2023).