Bureau Veritas Sells Food Testing Business to Mérieux NutriSciences
Bureau Veritas has agreed to sell its global Food testing business to Mérieux NutriSciences for an enterprise value of EUR 360 million. The divestment aligns with Bureau Veritas' LEAP | 28 strategy.
Testing and certification company Bureau Veritas announced it has entered into an agreement to sell its global Food testing business to Mérieux NutriSciences. The transaction values the business at EUR 360 million in enterprise value, with net proceeds expected to be around EUR 290 million for Bureau Veritas.
The Food testing business generated EUR 133 million in revenue in 2023. It offers services including microbiology and chemical analysis to clients in the food sector. The unit operates a network of 34 laboratories worldwide and employs over 1,900 technical staff.
This divestment is part of Bureau Veritas' LEAP | 28 strategy, which aims to refocus the group's portfolio on areas where it targets leadership positions by 2028. The proceeds from the sale are designated to fund accelerated merger and acquisition plans outlined in the strategy.
Bureau Veritas CEO Hinda Gharbi stated the divestment demonstrates active portfolio management and strengthens the group's balance sheet, allowing for ambitious acquisition plans. Mérieux NutriSciences CEO Nicolas Cartier highlighted the acquisition as a milestone that will expand their geographic coverage and capabilities.
The transaction is expected to close by the end of the fourth quarter of 2024, subject to customary closing conditions, including regulatory approvals.