JRS, a German manufacturer of plant-based products, buys seaweed producer Algaia
German fiber and hydrocolloid specialist J. Rettenmaier & Söhne (JRS) has purchased French biomarine ingredients company and seaweed producer Algaia SA.
The sale, effective 22 March 2023, transferred 100 percent of Algaia’s share capital to JRS. Both companies harvest and process seaweed along the Atlantic coast of Brittany, France, in some of the largest seaweed fields in Europe.
Oghma Partners operated as the exclusive financial advisor to Algaia on its sale to JRS. Terms of the sale, or sale price, were not disclosed.
“The acquisition of Algaia enables far-reaching synergies with our existing alginate business and underlines our commitment to provide outstanding innovative seaweed-based solutions to our global customers,” JRS group president Josef Otto Rettenmaier said. “JRS is fully committed to ensuring business continuity, to develop both production sites and to support the local sustainable harvest and utilization of fresh seaweed sources in Brittany.”
The partnership, the two firms said, will create innovation to meet the increasing demand for seaweed from a wide range of industries, including food, feed, pharmaceuticals and medical care, home and personal care, and surface coating or agriculture, the companies said.
“Algaia is looking forward to bringing its long-term innovation and business expertise in hydrocolloids and agri-ingredients as well as its proprietary biorefinery know-how to JRS,” Algaia CEO Frederic Faure said. “We are confident that the newly formed organization will answer the fast-growing demand for seaweed-based products and ensure a sustainable growth to both sites.”
Photo courtesy of Algaia