August 25 2023, David R Brown
Redox strengthens its health and nutrition business in Australia with the acquisition of Optigen
Redox, one of the leading distributor of chemicals and ingredients in Australia, has acquired the business of Optigen Ingredients Pty Ltd completing the transaction on the 25th of August 2023. The deal is the first acquisition since Redox floated on Australian Securities Exchange (ASE) in July.
We're very excited to add Optigen's products to our expanding portfolio to benefit our large existing customer base in the Nutraceutical marketRaimond Coneliano
CEO and Managing Director of Redox Ltd
Optigen is an Australian market-leading company specialising in the supply of raw materials and speciality ingredients used in the nutraceutical, pharmaceutical, functional foods, veterinary and animal nutrition market segments in Australia and New Zealand. Their range includes innovative and specialised ingredients including Vitamins, Amino Acids, Minerals, Natural Oils, Herbal Extracts, Joint Health products, Marine Oils and Veterinary APIs.
CEO and Managing Director Raimond Coneliano said “We're very excited to add Optigen's products to our expanding portfolio to benefit our large existing customer base in the Nutraceutical market in addition to extending Redox's best-in-class service and wide range to Optigen's existing clients across a range of industry sectors.”
Optigen is expected to add sales of around A$6 million in the 2023-24 financial year.
About Redox Ltd
Headquartered in Minto in south-western Sydney, Redox was established in 1965 by the Coneliano family. The company sells chemicals and ingredients to 6400 customers across industries including food, beverages, vitamins, crop protection, animal nutrition, paint and plastics. Redox operates from 16 global locations, across 4 countries and has more than 100 storage facilities. The company floated on the Australian Securities Exchange (ASE) on Monday 3rd July 2023. In 2022, Redox reported revenues of A$ 1,081.8M, a Gross profit margin of 22.5% and an EBITDA of A$138.3M.
Source(s): Redox Press Release