ICL (NYSE:ICL) has announced a definitive agreement to acquire Bartek Ingredients, a global leader in food-grade malic and fumaric acid.
The acquisition will significantly enhance ICL’s portfolio in the specialty food solutions sector, as Bartek’s products are used across a range of applications in the food, beverage, confectionery, and bakery industries.
These functional food ingredients are crucial for enhancing flavor profiles, extending shelf life, and improving the overall quality of food products, with further applications in personal care products.
Bartek, headquartered in Ontario, Canada, serves a global customer base of food and beverage companies, and operates the only vertically integrated maleic anhydride and food-grade malic and fumaric acid production facilities in North America.
The company’s operations currently generate approximately $65 million in annual revenue, with plans to expand its production capacity.
A new production facility under construction, expected to be completed in 2026, will significantly boost Bartek’s output and support its growing participation in the $45 billion global functional food ingredients market, projected by 2030.
The acquisition will be completed in two phases, with the first phase, involving a cash investment of $90 million to acquire 50% of Bartek, expected to close in the first quarter of 2026.
The second phase, which will include acquiring the remaining shares of Bartek, will be contingent on certain business and integration milestones.