Private company develops and markets innovative microbial products
Acquiring the Osprey business strengthens Phibro’s portfolio of nutritional specialty products and provides new opportunities in a fast-growing sector of the animal health industry. Osprey manufacturers and markets numerous products for a variety of applications and industries. Osprey also produces the key components for Phibro’s recently launched Provia Prime direct-fed microbial product for poultry.
“Osprey is a great business run by people we deeply respect. This acquisition provides Phibro with new product opportunities and a cutting-edge organization with strong manufacturing capabilities,” said Jack Bendheim, Phibro’s chairman, president and CEO. “Osprey’s proven and ever-expanding library of microbial strains will serve as an excellent platform for growth within the animal health industry as well as in burgeoning agriculture adjacencies such as seed coatings.”
“We are excited to join the Phibro family,” said Lauren Danielson, CEO of Osprey. “Partnering with Phibro opens up even more opportunities for our business, as it allows us to leverage Phibro’s proven expertise in nutritional specialty products that help improve animal health, productivity and profitability. We are also excited about the ability to scale our fermentation capacity, utilizing Phibro’s current footprint, to further service our customers. The value of this transaction is a testament to the highly skilled, innovative and hard-working people of Osprey.”
“We welcome Osprey’s dedicated team of employees to Phibro, and we are thrilled that Osprey’s leadership of Lauren Danielson and Vince Scuilla will continue as leaders of our microbial business as we integrate Osprey into Phibro,” said Larry Miller, Phibro’s chief operating officer. “Our employees share similar values and have a shared vision for working collaboratively with customers to help identify and provide solutions. We value the longstanding strategic relationships Osprey has built with its many customers across multiple industries, and we look forward to continuing to develop and strengthen these partnerships.”
Phibro expects the transaction to be accretive to adjusted EBITDA and adjusted diluted EPS for the fiscal year ending June 30, 2020. Phibro funded the acquisition through its existing credit facilities.