PAI Partners, a leading private equity firm, has announced its plan to buy Innovad Group, a global company specializing in animal feed additives. They are purchasing it from IK Partners, another prominent private equity firm. The management team at Innovad Group, led by Ben Letor, will invest alongside PAI as part of the deal.
Innovad Group supplies health and nutrition solutions for animals, focusing on poultry, ruminants, and swine. The company has a diverse range of specialty additives that help improve gut health, manage mycotoxins, and boost immunity.
Headquartered in Antwerp, Belgium, Innovad Group serves 900 customers across 75 countries. It has six production facilities, with manufacturing based in Belgium, Brazil, and Italy, as well as partnerships for additional production in Switzerland and Italy.
Since IK acquired Innovad in 2021, the company has grown significantly, achieving double-digit revenue growth by expanding its product offerings and entering new markets. During this time, they successfully launched a biomonitoring tool for toxin control and completed three acquisitions to strengthen their competitive edge, especially in the phytogenic segment.
PAI aims to continue this growth by supporting Innovad Group’s journey and establishing it as a leader in the specialty animal feed additives market. This includes speeding up organic growth, seeking strategic acquisitions, and building a strong foundation for further expansion.
Ben Letor, CEO of Innovad Group, stated, “Our time with IK and the entire Innovad team has been a significant journey, leading to accomplishments we are proud of. We are eager to continue building on our strong foundation and commitment to our clients. We are honored to have earned PAI’s trust and believe this new partnership will enhance our ambitions.”
Gaëlle d’Engremont and Julie Gautier, Partners at PAI, said, “We are excited to partner with Ben Letor and the Innovad Group team to support the next stage of growth. Innovad Group has become a fast-growing player in specialty animal feed additives, and we look forward to helping them grow into a global leader, especially in the areas of ingredients and animal nutrition.”
Remko Hilhorst, Managing Partner at IK Partners, said, “When we bought Innovad in 2021, we were impressed with its research capabilities and growth potential. With IK’s backing, Innovad has made strides in key markets and broadened its phytogenic product range while increasing research investment. We wish Ben and the whole team success as they move forward with PAI.” The transaction is expected to close in the first quarter of 2026.
