Lallemand completes Evolva acquisition to bolster health and flavor businesses
08 Jan 2024 --- Industrial biotechnology leader Lallemand has acquired Swiss biotechnology firm Evolva for a reported CHF20 million (∼US$23.5 million) through its Swiss affiliate Danstar Ferment. Lallemand expects to capitalize on Evolva’s precision fermentation capabilities through this deal.
The transaction, which was originally announced to the Swiss Stock Exchange on November 21, 2023, was approved by Evolva shareholders at an extraordinary general meeting on December 21, 2023.
Lars Asferg, president of Lallemand Bio-Ingredient, comments: “Evolva offers us a strong strategic fit with our yeast-based technology platform.”
“Evolva’s proprietary precision fermentation technology and R&D capabilities present an ideal platform from which to expand our product offering, mainly within health ingredients like Veri-te resveratrol and flavor and fragrance aroma components like Valencene and natural Nootkatone.”
“We look forward to welcoming the Evolva employees into our Lallemand family and continuing to work with suppliers, existing and new customers in bringing sustainable, yeast-based ingredients to markets globally via Lallemand’s extensive commercial and operational network.”
Evolva seeks support
Evolva is focused on the research, development and commercialization of natural ingredients derived from yeast for applications across the flavors and fragrances, health ingredients, cosmetics and health protection sectors.
Lallemand’s acquisition comes after Evolva revoked its performance and projections for 2023 following negotiations with its financing partner Nice & Green. The negotiations and revocation were the results of a different interpretation of the company’s financing terms per the financier.
Evolva managed to secure funding for the remainder of the year but stated at the time that a strategic transaction would still be necessary.
Amid new partnerships, including a distribution agreement with Levhoss valued at CHF1.5 million (∼US$1.8 million) in October 2023 and another with Breko in mid-November, the company signed a purchase agreement for the sale and purchase of Evolva’s shares, comprising all business operations, on November 24.
“The Board of Directors regrets that, despite substantial operational improvements achieved over the last 20 months under the new management, the financing challenges made it impossible for Evolva to continue to develop its value potential as an independent stock-listed company,” said Stephan Schindler, chairman of Evolva.
The company is headquartered in Reinach, Basel, and has 48 employees.
In December, Lallemand’s Bio-Ingredients and Specialty Cultures divisions teamed up to develop a solution to reduce or remove the need for added nitrates and nitrites in processed meats.
By Joshua Poole
