PAI Partners announced that it has signed a definitive agreement to acquire Innovad Group, a global supplier of specialty animal feed additives, from IK Partners. The investment comes from the IK IX Fund, and Innovad’s management team, led by CEO Ben Letor, will reinvest as part of the transaction. The deal is expected to close in the first quarter of 2026.
Innovad operates in the animal health and nutrition sector, delivering specialty additives that support gut health, mycotoxin control management, immunity and other key outcomes for poultry, ruminant and swine producers. With headquarters in Antwerp, Belgium, the company serves approximately 900 customers across 75 countries and runs six production facilities supported by in-house manufacturing capabilities in Belgium, Brazil and Italy, along with tolling partners in Switzerland and Italy.
Since being acquired by IK Partners in 2021, Innovad has expanded significantly through organic growth and strategic acquisitions. The company broadened its presence in primary ingredients, deepened capabilities in phytogenics, and expanded into new geographic markets. It also launched a biomonitoring tool designed for toxins control and integrated three acquisitions that strengthened its competitive position and technical expertise.
PAI Partners plans to accelerate the company’s expansion by supporting both organic initiatives and additional acquisitions. The firm cited its experience in Food and Consumer sectors, including ingredients and animal nutrition, as a foundation for building Innovad into a global leader within the specialty feed additives market.
The acquisition marks the latest move by PAI Partners in scaling international platforms aligned with long-term trends in food production, animal health and sustainable agriculture.
KEY QUOTES
“Our journey alongside IK and the entire Innovad Group team has been a notable navigation, culminating in achievements we are very proud of. We are excited to continue building on our solid fundamentals, progressive company culture and care for our clients’ needs and challenges. We feel very honoured to have earned the trust of PAI and we believe that this new partnership, with its fresh perspective and skills, will enrich and support our ambition and impactful projects moving forward.”
Ben Letor, CEO of Innovad Group
“We are delighted to partner with Ben Letor and the Innovad management team to support the Group in its next phase of growth. Innovad has established itself as a fast-growing, global challenger in specialty animal feed additives – we look forward to accelerating this transformation, drawing on our significant experience in establishing Food and Consumer businesses as global leaders, particularly in the ingredients and animal nutrition space, where we have a proven track record.”
Gaëlle d’Engremont and Julie Gautier, Partners at PAI Partners
“When we acquired Innovad in 2021, we were already impressed with the Group’s R and D capabilities and growth potential and have taken important steps to continue its development as a market-leading animal health platform. With IK’s support, Innovad has expanded in several key geographic markets, broadened its phytogenic product range, and increased R and D spending to build on the success of the Myco-Marker application. We’d like to wish Ben and the entire team the best of luck with the next phase of Innovad’s growth in partnership with PAI.”
Remko Hilhorst, Managing Partner at IK Partners and Adviser to the IK IX Fund
