Private equity firm PAI Partners has signed a definitive agreement to acquire Innovad Group, a global supplier of animal feed additives, from IK Partners. The transaction will see PAI acquire Innovad from the IK IX Fund, with the company’s management team reinvesting alongside the new owner.
Innovad provides animal health and nutrition solutions across poultry, ruminant, swine, and companion animal segments. PAI said the company has built a diversified portfolio focused on high-value specialty additives that support outcomes such as gut health, immunity, and mycotoxin control.
Headquartered in Antwerp, Innovad serves around 900 customers in 75 countries and operates six production facilities. Manufacturing is carried out through a mix of in-house operations in Belgium, Brazil, and Italy, alongside tolling partnerships in Switzerland and Italy.
Innovad chief executive Ben Letor said the company’s partnership with IK had delivered strong progress and meaningful achievements, adding that management is looking to build on its solid fundamentals, client-focused culture, and growth ambitions under PAI’s ownership.
Since IK acquired the business in 2021, Innovad has delivered double-digit revenue growth, driven by expansion into primary ingredients, a more solutions-oriented offering, and entry into new strategic markets.
PAI said it intends to support Innovad’s next phase of development by accelerating organic growth, pursuing targeted acquisitions, and strengthening the platform to scale the business globally within the specialty animal feed additives market.
PAI partners Gaëlle d’Engremont and Julie Gautier said the firm is looking forward to working with Innovad’s management team, noting that the company has positioned itself as a fast-growing global challenger and fits well with PAI’s experience in scaling food, ingredients, and animal nutrition businesses.
The transaction is expected to close in the first quarter of 2026.
Source: Pet Food Processing
