Smit & zoon sells its Functional Oils division

IQI acquires Smit & zoon Functional Oils
Weesp, The Netherlands, October 4, 2017 – From January, 2018, onwards Smit & zoon will sell its Functional Oils business to IQI B.V., a supplier of pet food ingredients such as fish meal and fish oil. The Functional Oils activities are no longer a focus segment for Smit & zoon that wishes to expand its leading position in the development and production of chemicals primarily used in the manufacturing and finishing of leather.

Smit & zoon Functional Oils has already been IQI’s preferred supplier of processed Omega-3 fish oils for years. With its relentless focus on quality, IQI is a fast-growing player in the pet food sector. Since the establishment of the company in 1994, the aim is to lead the field and set higher industry standards. In addition to being a leading trading company for the highest quality ingredients, IQI is seen as a co-creator of certified premium pet food products. It took two decades of hard work and determination to get this far, but IQI is set to continue on its successful path. The acquisition of Smit & zoon Functional Oils is the first step in this journey. As IQI builds out its business with the support of investor Egeria, the Smit Family becomes a minority shareholder in IQI.

Sven Gravendeel, CEO IQI: ‘Smit & zoon has always been searching for solutions with a positive, lasting impact. Their innovative approach has set them apart from their competitors, especially in the field of processed Omega-3 fish oils. Through this acquisition, we substantially strengthen our team and our portfolio. It enables us to serve our customers even better’.

Founded in 1821, Smit & zoon has a long history in trading animal oils and proteins. Over the last 190 years, Smit & zoon developed into a leading international player that develops and produces chemicals primarily used in the manufacturing and finishing of leather. The company decided to focus on its Wet-End and Finishing business and divest its Functional Oils activities. The Functional Oils division is a global player in marine oils and, for years, has been IQI’s preferred supplier of processed Omega-3 fish oils. While the Functional Oils activities are no longer a focus segment for Smit & zoon, combining the activities with IQI will enable the business to grow further and unlock its full potential.

Marc Smit, Owner Smit & zoon: ‘Because of rising prosperity, more people are willing and able to spend more on excellent pet care. Increasingly, pet owners are becoming pet parents. As a result, the premium segment in pet food is growing. And that is precisely the segment in which IQI excels. We are proud to see our Functional Oils division becoming an integral part of IQI'.

To fund the acquisition and enable future growth plans, IQI improved its already solid financial position by attracting Dutch investment company Egeria. IQI’s plans include expanding its strong position in Europe and the USA, and identifying new innovating product segments for the pet food industry. 

Mark Wetzels, Partner Egeria: 'As a philosophy, Egeria invests in healthy, well-run Dutch companies operating in markets with attractive growth perspective. The pet food market is such a market. We are convinced that the combination of IQI and the Functional Oils division of Smit & zoon will lead to further strengthening of IQI's position, especially because the history and culture of both companies connect so well’.

In the coming months, IQI and Smit & zoon will work together to fully integrate the businesses and envisage to complete the transaction per January 2018. IQI’s founder Sven Gravendeel will remain the CEO of IQI and will lead the combined business. 

Sven Gravendeel, CEO IQI B.V. and IQI USA B.V.
Marc Smit, Owner Smit & zoon B.V.
Mark Wetzels, Partner Egeria Capital Management B.V. 
For questions, please contact Jeroen van der Pol, General Manager Functional Oils. (Jeroen.vanderpol@smitzoon.com). 
 

Smit & zoon sells its Functional Oils division

Nijverheidslaan 48
1382 LK Weesp
The Netherlands

Smit & zoon
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