Glanbia Acquires BSN in $144M Deal

KILKENNY, IrelandGlanbia plc acquired Bio-Engineered Supplements and Nutrition (BSN) for US$144 million; the company is being acquired on a debt-free basis and should be earnings enhancing in 2011. The acquisition was funded through Glanbias existing banking facilities.

According to Glanbia, the acquisition of BSN will enhance the companys Performance Nutrition portfolio, which currently includes Optimum Nutrition, acquired by Glanbia in 2008, and deliver additional growth opportunities. BSN, headquartered in Boca Raton, Fla., was founded in 2001 and offers a range of sports nutrition products, particularly pre-workout powders and protein powders, which complements the existing Optimum Nutrition line.

The BSN business broadens the Performance Nutrition groups product portfolio, extends the groups international growth opportunities and should enhance its position in the high-growth sports nutrition sector. In 2009, the proforma Global Nutritionals revenue was 490 million, representing 22 percent of the 2009 proforma total Group revenue.

John Moloney, managing director of Glanbia Group, said: BSN is an excellent strategic fit with our Performance Nutrition business and adds strong brand and market positions that complement and extend our portfolio. Since the acquisition of Optimum Nutrition, we have established a market leading, scale position in the attractive, high growth global sports nutrition sector. BSN is a very exciting acquisition for us, and we are pleased to welcome the BSN team to Glanbia. Global Nutritionals is now a 600 million revenue business, a position we have built organically and by acquisition in just over five years."