Orkla Health Acquires NutraQ
Orkla Health has agreed to acquire NutraQ, a subscription-based health and beauty products company operating in the Nordic region, from owners Impilo and Sana Pharma Holding. The companies have agreed on a purchase price that values NutraQ at NOK 3.1 billion (€300 million).
NutraQ is the parent of health and beauty concepts like VitaePro and Oslo Skin Lab. It also owns men's health brands such as Maxulin and Provexin, as well as Vesterålens Naturprodukter, which offers omega-3 and vitamin supplements.
New Competence for Orkla Health
According to Orkla president and CEO, Jaan Ivar Semlitsch, the acquisition will bring "new competence" to Orkla Health with more sales channels and access to a larger international market.
"With the acquisition of NutraQ, Orkla is taking a new, important step into a growing health and wellness market. NutraQ’s concepts and brands will offer Orkla exciting growth opportunities."
Currently, NutraQ has around 410,000 active subscriptions. Between 2018 and 2020, organic subscriptions grew by an average of 13% annually.
Further Growth and Expansion
Hege Holter Brekke, EVP and CEO of Orkla Care, added that NutraQ is well-positioned for further growth. "We believe NutraQ will be able to launch exciting new concepts and contribute to profitable growth in the coming years."
NutraQ will be integrated as a stand-alone entity under Orkla Health, maintaining its individuality and competence in direct-to-consumer (D2C) sales, the company noted.
The agreement is subject to approval by the relevant competition authorities.
Established in Norway in 2002, NutraQ operates in Denmark, Finland, and Sweden, employing around 150 people. These four countries account for around 90% of the company's turnover. In 2020, NutraQ generated NOK 862 million (€84.5 million) in revenue, with an EBITDA of NOK 188 million (€18.4 million).
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