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news.Swedish health care company BioGaia has inked an agreement to acquire the remaining 50% shares of TwoPac, in a deal valued at nearly SEK30m ($4.67m), to gain full control over part of the company’s product manufacturing.
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The acquirer, which already holds 50% stake in the company, said that the change of ownership will be completed on 1 July 2013.
Founded in 2002 to manufacture and develop packaging solutions for probiotics, TwoPac currently produces probiotic drops, but also manufactures straws on behalf of BioGaia.
Commenting on the deal, BioGaia president Peter Rothschild said, "The most important aspect of the acquisition is that it will give us unlimited access to TwoPac’s product development capacity and expertise in building customised machinery."
Following completion of the transaction, the acquired entity will operate as a wholly owned subsidiary of BioGaia.
TwoPac established a new factory in Eslöv, Sweden, in 2012, which was financed mainly with loans from BioGaia.
Based on the terms of the agreement, TwoPac current president Per Hjalmarsson will continue to manage the company.