Turnspire Capital Partners LLC ("Turnspire") announced today that an affiliate has signed a definitive agreement to acquire the nutraceuticals business of Ashland Inc. (NYSE: ASH) ("Ashland Nutraceuticals" or the "Business").

Ashland Nutraceuticals is a leading provider of proprietary nutrition ingredients and custom formulation services that supplies a broad portfolio of both active ingredients and formulation aids to nutritional product companies. The Business also offers custom formulation and contract manufacturing capabilities for the nutrition market, handling everything from formula design and ingredient sourcing to finished product manufacturing. Ashland Nutraceuticals has approximately 500 employees located at four production facilities in New Jersey and Utah in the United States, and Tamaulipas, Mexico.

Turnspire Managing Partner Ilya Koffman said, "We are thrilled to acquire this great platform with strong formulation and manufacturing capabilities, underpinned by its portfolio of proprietary ingredients, that position it as a supplier of choice to global multinationals and emerging brands alike. As an independent company benefiting from Turnspire's extensive experience transforming corporate carve-outs into thriving standalone companies, the Business can build upon its capabilities to achieve sustainable, profitable growth."

Completion of the transaction is expected in the calendar third quarter of 2024.

About Turnspire Capital Partners

Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire's investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its portfolio companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240506113850/en/

SOURCE: Turnspire Capital Partners LLC

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Mark Semer
Gasthalter & Co.
(212) 257-4170
turnspire@gasthalter.com

COMTEX_452004116/1006/2024-05-07T07:00:04