Swedish based probiotic specialist Probi enters a strategic joint venture with the US based health and wellness company Viva5 Group.
The joint venture VivaPro LLC will address the global market in probiotic related business areas. VivaPro will be governed as a standalone company operating out of US. Viva5 Group and Probi will own 51 and 49% share respectively and will have equal representation on the Board of Directors. Probi will have an option to acquire the share majority of the company at a later stage.
The joint venture will focus on exploring, researching and co-developing products in probiotic related market segments adjacent to existing core business areas of the two companies.
"With this strategic joint-venture we bring together the distinct capabilities of Probi and Viva5 in order to meet the increased consumer interest and demand for consumer friendly applications in areas such as functional food, beverages and pet health.", says Albert Dahbour, Executive Vice President, Viva5.
Probi manufactures and supplies the consumer healthcare and food industry with effective and well-documented probiotics with proven health benefits based on scientific research. Today, Probi is primarily present in the consumer healthcare market with dietary supplements and in selected food and beverage applications. The joint venture will address new and attractive market niches with the target to broaden the market reach for Viva5 and Probi.
Tom Rönnlund, CEO, Probi continues: "This joint venture is an important step in our commercial efforts to address new and attractive market niches. Even in these turbulent times we see great opportunities to jointly build a successful business, based on our longstanding relationship and confidence in our respective abilities to create scientific and commercial success."
Probi is a world leader within probiotics. Our vision is to help people live healthier lives by delivering effective and well-documented probiotics, with proven health benefits based on scientific research. Probi offers dedicated probiotic expertise and partnership all the way from R&D to finished products for companies within the consumer healthcare and food industry. Our GMP certified manufacturing facilities produce probiotics in custom made formats with value-adding delivery technologies. Founded by scientists in Sweden 1991, Probi is a multinational company with 4 centers of excellence, active in more than 40 markets around the world and holding over 400 patents worldwide. Read more at www.probi.com.
Viva 5 Corporation is a leading health and wellness company focused on innovation and operating in a variety of channels both in the USA and internationally. Viva 5 specializes in developing innovative, proprietary, and efficacious consumer products that create incremental revenue opportunities for its partners worldwide. For more information, please visit www.viva5corp.com
This information was distributed by Cision http://www.cisionwire.se/