ICL Group Ltd has entered into a two-phase definitive agreement to acquire Bartek Ingredients Inc. for approximately $90 million to strengthen its specialty food solutions portfolio.

Information on the Target

ICL Group Ltd, a prominent chemical and specialty mineral company, has announced a strategic agreement to acquire Bartek Ingredients Inc. for an initial cash investment estimated at $90 million. This acquisition will take place in two phases, with the first phase planned to close in the first quarter of 2026, involving the purchase of approximately 50% of Bartek. This move is intended to enhance ICL's specialty food solutions portfolio and aligns with the company's broader strategy focusing on specialty crop nutrition.

Bartek Ingredients is recognized as a supplier of food-grade malic and fumaric acids, catering to clients in sectors such as food, beverage, confectionery, and bakery. The company generates roughly $65 million in annual revenue and is currently constructing a new production facility, expected to be completed by 2026. This facility is anticipated to significantly increase production capacity and support growth in the functional food ingredients market, projected to exceed $45 billion in sales by 2030.

Industry Overview in Canada

The food ingredients industry in Canada is undergoing substantial evolution, driven by increasing consumer demand for functional and health-oriented food products. As consumers continue to prioritize health, sustain