US business acquires Yorkshire-based nutrition supplements manufacturer

Bee Health, a Yorkshire-based producer of nutritional supplements, has been acquired by INW (Innovations in Nutrition + Wellness).

INW is a US-based leader in custom R&D, manufacturing and marketing support solutions for global brands that serve the fast-growing nutrition and wellness industry.

With manufacturing operations across four US States, it has experienced rapid growth and has a track record of successful acquisitions in multiple health and wellness categories.

Bee Health was founded by Steve and Bea Ryan in 1992 as a specialised producer of bee-derived nutritional ingredients. The company was joined two years later by entrepreneur Jan Fletcher.

From its facility in East Yorkshire, the business now employs over 350 staff and specialises in producing tablets, capsules, liquids and softgels for some of the largest global brands in more than 40 countries.

Fletcher, chairman of the firm, said: “INW’s and Cornell Capital’s interest in Bee Health is a testament to both the strength of the company we have built and the significant value creation potential ahead.

“Bee Health has seen virtually uninterrupted growth over the last decade, as we have expanded our highly diversified customer base and grown our market share to become the UK’s leading industry player.

“With an incredible team of dedicated employees, we have built a leading UK manufacturing business that will now form a key part of an ambitious global company.

“The partnership with INW will place Bee Health at the forefront of the health and wellness market and Steve and I could not be prouder and more excited about the future of the company.”

In a simultaneous transaction INW was acquired from Rosewood Private Investments by a group of investors led by private investment firm Cornell Capital LLC. Terms of the transactions were not disclosed.

Steve Ryan added: “After 27 years of innovation and development we are delighted to find the right partners with a shared vision that will further assist our growth.

“I’m confident that our partnership with INW gives Bee Health enormous potential.”

Cornell Capital has significant experience in the consumer and industrial sectors, and in partnering with strong management teams to grow businesses organically and through acquisitions.

Leveraging a similar strategy used to support its portfolio company Knowlton Development Corporation, which provides solutions for many of the world’s leading brands in the beauty, personal care and home care sectors, Cornell Capital intends to accelerate INW’s growth globally as a one-stop solution provider for brand partners in the nutrition and wellness industries.

Gary Giles, chief executive officer of INW, said: “Our partnership with Bee Health is a key advancement in our ongoing efforts to expand our product offerings, broaden our geographic footprint and expand and diversify our customer base.

“The combined company will benefit from Cornell Capital’s expertise and world-class resources, ensuring we are better positioned than ever to deliver on our mission of being the world’s best solutions partner to the global nutrition and wellness industry.”

Chief executive officer of Bee Health, Lewis Ryan, said: “We look forward to continuing to build on our incredibly strong momentum as we partner with INW and Cornell Capital to bring together these two highly complementary businesses for the benefit of all stakeholders.”

As part of the transaction, Bee Health’s shareholders have become equity partners in INW and Fletcher has joined the Board of Directors of the parent company INW Global.

Alantra Corporate Finance LLP acted as exclusive M&A advisor to Bee Health, and Addleshaw Goddard LLP acted as legal advisor.