The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Iovate Health Sciences International Inc., the Canadian maker of “MuscleTech†and “Six Star Pro Nutrition†supplements, is seeking a buyer in a deal that could value the company at as much as $1 billion, people with knowledge of the matter said.
The Ontario-based vendor of weight-loss, muscle-building and nutrition products has hired an adviser to arrange the sale, according to the people. The closely held company has reached out to potential buyers including several Chinese companies, the people said, asking not to be identified as the information is private.
Asian consumers’ rising incomes and desire for healthier lifestyles are driving demand for dietary supplements and more wholesome foods. In China, which has more than 100 million diabetics, the proportion of overweight and obese adults jumped to 35.4 percent in 2014, according to the World Health Organization.
Biostime International Holdings Ltd., a Chinese infant formula producer, agreed to buy control of Australian multivitamin maker Swisse Wellness Group Pty for A$1.3 billion ($1 billion) last September. Philippine instant-noodle maker Monde Nissin Corp. last year acquired Quorn Foods Ltd., a British producer of meat substitutes, for 550 million pounds ($790 million), data compiled by Bloomberg show.
Iovate has more than 250 employees and owns six national brands that are distributed globally, according to its website. It also has more than 40 pending patent applications, the website shows.
A spokeswoman for Iovate Health said she couldn’t immediately comment.