Orkla acquires VitaePro and Oslo Skin Lab

2021-02-15

Orkla Health has entered into an agreement to acquire 100% of the shares in NutraQ 2 AS (NutraQ), which is a leading supplier of subscription-based health and beauty products in the Nordic region.

NutraQ is behind the two well-known health and beauty concepts VitaePro and Oslo Skin Lab. NutraQ also owns the two Men’s Health brands Maxulin and Provexin, and the Vesterålens Naturprodukter brand that offers omega-3 and various vitamin supplements.

“With the acquisition of NutraQ, Orkla is taking a new, important step into a growing health and wellness market. I am impressed by how NutraQ has adopted subscription solutions to reach consumers directly in their own homes. NutraQ’s concepts and brands will offer Orkla exciting growth opportunities,” says Orkla President and CEO Jaan Ivar Semlitsch, adding:

NutraQ will bring Orkla Health new competence, more sales channels and a larger international scope of opportunity.”

NutraQ was established in Norway in 2002 and has since also established operations in Denmark, Finland and Sweden. These four countries account for around 90% of turnover. The company is headquartered in Oslo, Norway, and employs around 150 people. With its subscription-based business model, NutraQ represents a new business approach for Orkla. The company currently has approximately 410 000 active subscriptions and has experienced good growth in the past few years. The number of active subscriptions has grown organically by an average of 13% annually in the period 2018-2020.  The company’s turnover totalled NOK 862 million in 2020 and EBITDA of NOK 188 million.

“NutraQ has built up a business model and an organisation that is well positioned for further growth and expansion. We think that, as a part of Orkla Health, NutraQ will be able to launch a number of exciting concepts and contribute to profitable growth in the coming years,” says Hege Holter Brekke, EVP and CEO of the Orkla Care business area, of which Orkla Health is a part. To preserve NutraQ’s individuality and special competence in direct-to-consumer (D2C) sales, the company will be integrated as a stand-alone entity.

NutraQ is currently owned by the investment company Impilo and Sana Pharma Holding. The parties have agreed on a purchase price that values NutraQ at NOK 3.1 billion at enterprise value.

The agreement is subject to the approval of the relevant competition authorities.

Orkla Health is one of Scandinavia’s leading branded consumer goods suppliers in categories such as cod liver oil, vitamins and other dietary supplements. The best-known brands in its portfolio are Möller’s Tran, Nutrilett, Maxim, Livol, Collett and Sana-sol.