International Vitamin Corporation (IVC) has reached a definitive agreement to acquire all assets of Perrigo’s U.S. vitamin, mineral and supplement business, for an undisclosed sum. The transaction will position IVC as a leading private label nutritional supplement company in the U.S., and will enhance IVC’s product portfolio. The transaction is subject to customary closing conditions and is expected to close by early August.

The cash purchase will strengthen IVC’s existing leadership in the U.S. food, drug, mass and club retail channels and is expected to help diversify and grow its contract business. The agreement is expected to add additional manufacturing, packaging and distribution operations to better serve both mass market and specialty contract customers.

IVC President & CEO Steven Dai commented, “IVC is very excited to be able to serve and help build the businesses of Perrigo’s vitamin customers. Retailers will have access to even more innovation, a more efficient supply chain and greater manufacturing capabilities, while consumers will benefit from continued high quality standards and maximum value.”

Looking toward the future, Mr. Dai added, “Other recent acquisitions have helped IVC expand our business into high growth powders and sports nutrition. While our organic growth remains high, I expect additional acquisitions to help us enter new product categories, new channels and new geographies.”

Perrigo CEO John T. Hendrickson commented, “Our decision late last year to divest the U.S. VMS business was part of our ongoing portfolio assessment and ensures that we remain focused on our most profitable and strategic businesses. Having explored various options over the past several months, we are pleased to have reached an agreement to sell the business to IVC. We look forward to working with the IVC team to seamlessly transition the business and ensure that our customers continue to receive exceptional service during this transitional period. Finally, we would like to take this opportunity to thank the more than 300 Perrigo employees who are dedicated to the VMS business for all of their contributions to Perrigo and to wish them all the very best going forward.”

Warner Norcross & Judd LLP served as Perrigo’s legal advisor and Houlihan Lokey served as Perrigo’s exclusive financial advisor on the transaction.