PAI Partners (PAI) has agreed to acquire Innovad Group (Innovad), a global specialty animal feed additives player, from IK Partners (IK), a European private equity firm. PAI is acquiring its stake from the IK IX Fund. The Innovad management team, led by Ben Letor, will reinvest as part of the transaction.
Innovad is a supplier of animal health and nutrition solutions, offering a wide range of specialty additives, which mainly focus on the poultry, ruminant and swine species. The group has developed a portfolio of products focusing on applications that support a range of health outcomes, such as gut health, mycotoxins control management, and immunity.
Headquartered in Antwerp, Belgium, Innovad serves 900 customers across 75 countries. It operates six production facilities, supported by a combination of in-house manufacturing in Belgium, Brazil and Italy, as well as tolling partners in Switzerland and Italy.
Under the ownership of IK since 2021, Innovad has developed significantly, delivering double-digit revenue growth by expanding into primary ingredients, adopting a solutions-driven approach and entering strategic markets. The group’s transformation journey with IK includes the successful launch of a disruptive biomonitoring tool for toxins control and the completion and integration of three acquisitions that have strengthened its competitive position, enhanced its expertise, most notably in the phytogenic segment, and expanded its direct presence across key markets.
PAI intends to build on this growth momentum by supporting Innovad’s transformation journey and further establishing the company’s position in the attractive specialty animal feed additives market. This includes accelerating organic growth, pursuing strategic acquisitions, and building a solid platform to continue the group’s expansion.
The transaction is expected to close in the first quarter of 2026.
