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Diving overview:
- Food manufacturing supplier CoreFX Ingredients has expanded its portfolio with the acquisition of Connoils, a Wisconsin-based powder delivery system. Financial terms of the deal were not disclosed.
- Connoils is a “boutique nutritional technology company specializing in powder delivery systems and specialty oil distribution,” the company said. CoreFCX believes this “strategic” transaction will allow it to expand its research and development plans.
- CoreFX, based in Evanstown, Ill., said it has a mission to increase customer satisfaction by providing technological advancements in health and nutrition. The latest acquisition follows founder and CEO Dennis Neville. In March, it bought back a majority stake in the company from Irish dairy processor Ornua.
Dive Insights:
According to the terms of the transaction, Conoilwhich produces oil powders for use in foods, supplements and functional beverages, will operate as the same business unit as CoreFX but will manage its bulk oil business in collaboration with oil distributors.
“We are excited to deliver on our commitment to rapidly evolve and accelerate CoreFX’s growth to make the world a better place through nutrition,” Neville said of the transaction. “The acquisition of Connoils perfectly complements our business, and the powder delivery system with our new encapsulation technology is an important next step in the continued growth of our health through nutrition platform.”
It was founded by Stacy Peterson, a former Cargill employee. Conoil After her division of the food processing giant ceased operations in 2007. Peterson, along with her husband Keith and former Cargill executives, decided to start her company after a business closure left them unemployed and losing customers products.
The company's organic oils and oils powder Products are used in foods, supplements, beauty products, etc.
CoreFX hopes to expand its R&D efforts and expand its consumer reach through the acquisition of Connoils.
Established in 2016, CoreFX We use technologies such as spray drying and dry mixing to produce dairy, cheese and lipid powder ingredient solutions for customers including food manufacturing and industrial. food service company. According to the company, drying technology increases ingredient potency, while liposomal encapsulation and Nano Encapsulation expands the nutritional benefits of ingredients and increases absorption.
