Chinese buyer Xiwang Foodstuffs Company Ltd. has acquired Iovate Health Sciences International Inc., a Canadian nutrition supplement maker. The deal values Iovate at USD $730 million and will close later this year.
Xiwang was the highest bidder in a war between multiple Chinese buyout firms that made offers for the business. At this time, Chinese demand for dietary supplements is rising as the desire to live healthier lifestyles increases. This makes Iovate an excellent way for Xiwang to carve itself a spot in the market, as the Canadian company owns fitness supplement brands MuscleTech and Six Star Pro Nutrition. Iovate also has partnerships with Wal-Mart and Walgreens.
Iovate will keep its North American headquarters in Oakville, Ontario. Additionally, all key executives and 330 existing employees will remain in the company’s employ.
