HORSHOLM, DENMARK — Oterra announced its acquisition of India-based Akay Group, a natural ingredients manufacturer. According to Oterra, the acquisition will expand Akay’s access to natural colors and manufacturing and R&D capabilities.
Founded in 1995, Akay is a leader in the natural colors and nutraceutical ingredients industries. The company serves more than 40 countries, operates four manufacturing facilities in southern India, and employs more than 400 people.
“Akay is a great strategic match for Oterra,” said Cees de Jong, chairman of Oterra. “It adds to Oterra’s best-known core-strength — natural colors, and its portfolio of nutraceutical products complements Oterra’s existing portfolio of products for natural dietary supplements. The demand for all-natural products in this market is on the rise — and so is Oterra.”
Prior to the acquisition, Oterra, then known as Chr. Hansen Natural Colors, formed a joint venture with Akay in 1995 to manufacture natural colors developed from turmeric and paprika. In 2007, Akay became a key supplier to Oterra.
“We’re very happy to join the Oterra family,” said Balu Maliakel, PhD, managing director of Akay. “We have a fond shared history, that has left a significant imprint on our business understanding and culture, and we share many of the same values. I am very confident that Oterra’s innovative mindset will bring great value to Akay’s customers. In many ways, this is like a homecoming for us.”
Financial details of the acquisition were not disclosed.
“In recent years, Akay has successfully transitioned from a pure colors and flavors business to a leading science-backed botanical ingredients business,” said Odd Erik Hansen, chief executive officer of Oterra. “We both believe in bringing the best of nature to the world, and we’re happy to welcome the team at Akay to Oterra. We look forward to working together to serve our customers in the future.”The acquisition of Akay marks Oterra’s fourth in 14 months. In September 2021 the company acquired Diana Foods from Symrise AG, and in January 2022 it made its first US-based acquisition.