Chr. Hansen Acquires UAS Labs

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Chr. Hansen Holding A/S announced that it has entered into an agreement with the owners of UAS Laboratories LLC to acquire 100% of the company for $530 million. The acquisition will further strengthen and expand Chr. Hansen’s global microbial platform and Human Health business, according to the announcement, and is aligned with the strategy of pursuing bolt-on acquisitions that fit into the microbial platform.

“We are excited about the acquisition of UAS Labs and look forward to welcoming all its talented people, to join forces in our shared purpose – to develop and expand the global probiotics market, and we look forward to building upon the strengths of both companies,” Mauricio Graber, CEO of Chr. Hansen, said, said in the announcement. “The two UAS Labs production facilities in the United States will increase our flexibility and capacity to produce, and also create a better balance in our geographical footprint. We believe that the UAS Labs acquisition will accelerate our efforts to grow our Health & Nutrition business globally, especially in the Asian markets.”

Kevin Mehring, CEO of UAS Labs, added: “Over the past seven years I have been honored to lead the team at UAS Labs with our science‐backed probiotic solutions. We have grown and matured in our strain to solution manufacturing capabilities and commitment to clinical research. I could not be more proud of all the dedicated individuals that have worked tirelessly to get us to this point. We are very excited to join Chr. Hansen, and by our shared vision and future.”

Key points, as highlighted in the announcement:

  • UAS Labs has a strong organic growth track record based on documented strains and high-potency multi-species blends of probiotics serving a range of application areas
  • 6 trademarked strains within a range of indications including digestive disorders, immune stimulation, infant probiotics, and weight management
  • Two GMP facilities in Wisconsin, close to Chr. Hansen’s facilities in Milwaukee, with fermentation capacity and downstream processing, will complement Chr. Hansen’s own facilities, allowing for increased flexibility in phasing of CAPEX projects in the future
  • Chr. Hansen’s outlook for 2019/20 is unchanged, although there will be a minor negative impact to EBIT, depending on the timing of the closing (pending regulatory review in the U.S.)
  • Minor EBITDA accretion in 2020/21, EBIT margin neutral to slightly accretive by 2024/25
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