Avestha Gengraine Technologies (Avesthagen), a Bangalore-based integrated systems biology company, has acquired Renaissance Herbs (RHI), a US dietary supplement company, for $11 million. | |
| The acquisition will support Avesthagen's bio-nutritional business strategy through vertical integration and provide access to key markets. |
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| RHI is a Delaware-based company, which is a global supplier of proprietary nutritional products. The company also sources its raw materials from India and South East Asia for processing in its contract facilities outside Bangalore. |
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| According to Villoo Morawala Patell, managing director of Avesthagen, RHI will be merged into Avesthagen and the transaction is expected to be completed by the end of July. |
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| RHI has presence in Japan, through Nippon Shinyaku, and in the US, which together have a market assessed to exceed $20 billion. |
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| RHI is a supplier to the largest branded companies and also sells under its own brand, Ayurceutics. Alex Moffett, the founder and CEO of RHI, will remain as the global director of the business. |
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| Commenting on the deal, Moffett said, "Our company has always strived to provide the highest quality of products and our strategy has been to develop a fully proprietary product line supported by rigorous science and demonstrated benefits. This requires access to significant scientific competencies and this is challenging for a small, market-focused company." |
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