Belgian multinational feed and drinking water additive manufacturer Innovad is to sell a majority stake in the business to the London-based IK Investment Partners equity fund, subject to regulatory clearance. Financial details are not available.

The deal includes the Italian feed additive business Add-Co Nutrition, which specialises in natural pigments, and becomes a subsidiary of the Innovad Group.

Innovad was founded in 2010 by Jamal Al-Saifi and Ben Letor. Since then, it has grown from its Antwerp base, with double-digit annual revenues through organic growth, acquisitions and strategic joint ventures. It now serves 200 customers across 65 countries through local sales offices and a distribution network.

The business makes a range of feed quality, animal nutrition and animal health products, primarily aimed at the monogastric species but also some ruminant lines. The range includes intestinal health and mycotoxin control, as well as preservatives, digestive aids, palatability enhancers and colourings.

Mr Al-Saifi is to retire from the business after selling his shareholding to IK, while Mr Letor becomes chief executive. “Partnering with IK will consolidate our position and prepare for further sustainable growth,” says Mr Letor. “With its strong credentials in food and animal health and Innovad’s established track record and ambition, we look forward to working together to develop into a global leader.”

IK partner Remko Hilhorst adds: “The market for sophisticated animal health products has never been stronger, and we are excited to support the new team under Ben to further develop the platform of opportunity.”