University of Leipzig spinout C-Lecta has agreed to an acquisition by Kerry, giving it access to additional markets.
C-Lecta, a Germany-based enzyme engineering and bioprocess developer spun out of University of Leipzig, has agreed to an acquisition by food group Kerry for €137m ($155m).
The deal will give Kerry a 92% stake in the business, with the remainder held by C-Lecta’s management. The sum paid by Kerry remains subject to closing adjustments.
C-Lecta specialises in precision fermentation, optimised bioprocessing and biotransformation to create high-value, targeted enzymes and ingredients for consumer segments including food and beverage.
The deal with Kerry will give it access to additional markets, while Kerry will benefit from C-Lecta’s technology capabilities.
Marc Struhalla, founder and chief executive of C-Lecta, said: “We are very happy to join Kerry Group and their global presence in the food and pharmaceutical sectors gives us access to additional markets. At the same time, their expertise in ingredient technologies and applications is a perfect fit as we continue to drive our growth potential in the future.
“We will continue to collaborate with our existing industry partners and will of course continue to produce and distribute our products for our valued customers.”
Albert McQuaid, chief science and technology officer of Kerry, added: “The food and pharmaceutical industries are on the cusp of a new wave of innovation where new developments in biotechnology, synthetic biology and precision fermentation are radically transforming these sectors.
“C-Lecta is a leader in these new technologies, which includes fermentation-based products such as disruptive new enzymes, and the strategically compelling combination with Kerry will accelerate our innovation capabilities in enzyme engineering, fermentation and bioprocess development.
“Our broad market reach across food and pharma markets, combined with our deep enzyme applications expertise and integrated ingredient technology design, will enable and accelerate the growth potential of C-Lecta’s strong portfolio and technology capabilities while also supporting us in the creation of tastier, more sustainable and healthier products.”
C-Lecta raised an undisclosed amount of funding from Capricorn Venture Partners and BMT in August 2018.
It had earlier secured an undisclosed sum from SHS Gesellschaft for Beteiligungsmanagement and KfW in November 2008, having received a similarly unspecified amount from SBG – Sächsische Beteiligungsgesellschaft in August 2006.
High-Tech Gründerfonds had joined an unnamed angel investor for a €600,000 ($733,600) investment in January 2006.
