Health Sciences buys QBI
ingredients manufacturer Quality Botanical Ingredients (QBI) for an
undisclosed sum, marking its third acquisition in just over a year.
Health Sciences Group, which makes ingredients and technologies for the nutraceutical, pharmaceutical, and cosmeceutical industries, has bought nutritional ingredients manufacturer Quality Botanical Ingredients (QBI).
Financial terms of the transaction were not revealed.
Fred E. Tannous, Health Sciences Group co-chairman and CEO, said the acquisition, the company's third since December 2001, should be a catalyst for rapid internal growth.
"We plan to leverage QBI's market position and experienced management team as we aggressively seek internal expansion opportunities and pursue additional accretive acquisitions," he added.
Health Sciences Group revenues for 2002 were about $5.5 million, but the company said this could rise to $20 million with the QBI acquisition.
Headquartered in South Plainfield, New Jersey, QBI supplies a large range of herbs, dried fruits and vegetables, aswell as concentrated and standardized herbal extracts, bioflavonoids, antioxidants and beehive products, to international customers.
The company has a patented cryogenic processing system that preserves volatile herbal oils and active compounds, and allows milling of hydroscopic and aromatic botanicals. It also has two in-house laboratories.
Bill Glaser, president and co-chairman of Health Sciences Group, added that the group would benefit from QBI's operational capabilities and industry networks to expand its business in functional foods and beverages.
Announcing its intention to buy the business last year, Health Sciences said QBI would play a key role in the launch of a new integrative medicine product line, the Cocare range, to be available through alliances with major pharmaceutical companies.
