ICL Group Ltd. has agreed to acquire Bartek Ingredients, a Canadian producer of food‑grade malic and fumaric acids, in a deal valued at approximately $180 million. The transaction will be executed in two phases: an initial cash payment of $90 million for a 50 % stake, with the remaining shares to be purchased once integration milestones are met. The acquisition is expected to add roughly $65 million in annual revenue to ICL’s Specialty Food Solutions segment and will give the company a presence in more than 40 countries through Bartek’s vertically integrated production network.
Bartek, which generated $65 million in revenue last year, is the only North American plant that produces maleic anhydride and food‑grade malic and fumaric acids. The purchase price represents a multiple of about 2.8 times Bartek’s annual revenue, a valuation that reflects the company’s market leadership and the strategic value of its integrated manufacturing footprint. The deal also includes a new production facility slated for completion in 2026, which will double Bartek’s capacity and position ICL to meet demand in the projected $45 billion functional‑food‑ingredients market by 2030.
The acquisition aligns with ICL’s broader strategy to shift from commodity chemicals toward higher‑margin specialty markets. By adding Bartek’s product portfolio, ICL will strengthen its position in flavor, shelf‑life extension, and personal‑care applications—segments that are experiencing robust growth as consumers demand healthier, natural ingredients. Bartek’s vertical integration provides a cost advantage that ICL can leverage to improve margins across its food‑solutions business, while the expanded geographic reach will enable cross‑selling opportunities in new markets.
Bartek was originally founded in 1969 and was acquired by private‑equity firm TorQuest Partners in 2018. The new facility will be the world’s largest malic and fumaric acid plant, and its completion is expected to unlock additional revenue synergies through increased production capacity and improved supply chain efficiency. The functional‑food‑ingredients market is projected to grow from $45 billion to as much as $167 billion by 2030, underscoring the long‑term upside of the acquisition.
ICL President and CEO Elad Aharonson said the deal “advances our refined strategy focused on specialty crop nutrition and specialty food solutions.” Bartek CEO Andrew Ross added that the partnership will “maximize our potential and capture a larger share of the growing global functional‑food‑ingredients market” by combining ICL’s global scale with Bartek’s technical expertise. While the transaction does not immediately alter ICL’s 2025 guidance, management expects the added revenue and cost efficiencies to support the company’s long‑term growth targets.
The acquisition is expected to strengthen ICL’s financial profile by adding $65 million in recurring revenue, improving operating leverage through cost savings from Bartek’s integrated manufacturing, and expanding the company’s product mix in high‑margin specialty segments. The deal also positions ICL to capitalize on the accelerating demand for natural food ingredients, reinforcing its transition away from commodity chemicals toward a more resilient, high‑margin business model.
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