PAI Partners has signed a definitive agreement to acquire Innovad Group from IK Partners, marking another significant private equity move in the high-growth animal nutrition and feed additives sector.

Innovad’s management team, led by CEO Ben Letor, will reinvest alongside PAI.

Innovad supplies specialty additives focused on gut health, immunity, and mycotoxin management across poultry, ruminant, and swine markets. Headquartered in Antwerp, the company serves 900 customers in 75 countries and operates six production facilities through a combination of in-house and tolling arrangements in Europe and Latin America.

IK Partners has backed Innovad since 2021, supporting double-digit revenue growth and expansion into primary ingredients, as well as completing three acquisitions that strengthened its phytogenic capabilities and broadened its reach in strategic markets. The firm also supported the launch of Innovad’s biomonitoring tool for toxins control.

PAI partners Gaëlle d’Engremont and Julie Gautier commented: “Innovad has established itself as a fast-growing, global challenger in specialty animal feed additives – we look forward to accelerating this transformation, drawing on our significant experience in establishing Food & Consumer businesses as global leaders, particularly in the ingredients and animal nutrition space, where we have a proven track record.”

IK’s Remko Hilhorst added that Innovad strengthened its platform through geographic expansion, a broadened phytogenic product range, and increased R&D investment.

The transaction, which will see PAI support further organic growth and targeted acquisitions, is expected to close in the first quarter of 2026.

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