Grovepoint acquires majority share in Algatechnologies
Grovepoint, a private investment company headquartered in the UK, has acquired a majority stake in A…Grovepoint, a private investment company headquartered in the UK, has acquired a majority stake in Algatechnologies of Israel, who specilaise in the commercial cultivation of microalgae and who manufacture AstaPure, a natural astaxanthin.
Astaxanthin is said to be a powerful natural antioxidant with health benefits in several health conditions related to joint and muscle function, skincare health, cardiovascular health and more. Astaxanthin is already established in Japanese health food products and increased recognition of its benefits is, said Algatechnologies, driving the rapid rise in demand in the United States and Europe.
“Grovepoint believes there is significant potential to grow the range of products where astaxanthin is the key ingredient and to fully exploit the potential of microalgae derived products for other commercial applications,” said Leon Blitz, CEO at Grovepoint. “Grovepoint will be making additional capital available for growing the existing business, marketing the company’s ‘Astapure’ brand around the world and investing in R&D, so that new algae derived products can be brought to market.”
Following the transaction, Grovepoint partners Brad Fried and Leon Blitz will join the Algatechnologies Board.
“Astaxanthin is a distinctive product, whose properties as an antioxidant are increasingly well understood,” added Blitz. “We believe astaxanthin and other microalgae based products have a great future and look forward to working with the Algatechnologies team to maximize their potential. It is our intention to build the company by increasing its R&D capacity and expanding its distribution.”
“We have been looking for an investor with the financial expertise and commercial instincts to accelerate Algatechnologies’s development,” said Ed Hofland, chairman of Algatechnologies. “In Grovepoint we have found a partner who shares our enthusiasm for microalgae and has a clear vision in terms of maximising its commercial potential.”
