Evolva becomes Canadian
22 November 2023 14:36
The Basel-based active ingredients manufacturer Evolva has secured its future with a takeover by its Canadian competitor Lallemand. According to a statement, the Zug-based Lallemand subsidiary Danstar Ferment is acquiring all shares in Evolva AG for 20 million Swiss francs. The purchase price may be increased by up to 10 million francs depending on sales over the next 18 months.
According to the statement, shareholders can expect a liquidation dividend of between 0.70 and 2.40 Swiss francs per share. The amount depends on the costs of the liquidation. At its peak in 2007, the share was traded at 7,495 Swiss francs. On 21 November, when the takeover by Lallemand was announced, it closed at 0.88 Swiss francs on the SIX Swiss Exchange.
Evolva justified the sale by saying that production would otherwise be discontinued in the first quarter of 2024. “I believe that with Lallemand we have found a safe harbor for our employees and for the vision of Evolva to continue,” commented CEO Christian Wichert in the statement. With Lallemand being a family-owned strongly financed company, it offers growth ambitions that can result in opportunities for customers and suppliers going forward, he added.
With the acquisition, Lallemand is strengthening its research and development capacities as well as its presence in Switzerland. “Lallemand is heavily engaged in making biotechnology one of the answers to the challenges the world faces with respect to climate, nutrition and health,” commented CEO Antoine Chagnon. “The capabilities of the Evolva team and technologies are largely complementary with those of Lallemand and by combining resources we will be even better poised for success.” ce/stk