Bureau Veritas refocuses its portfolio in line with its LEAP | 28 strategy and enters into an agreement to sell its Food testing business to Mérieux NutriSciences
PRESS RELEASE
Paris – October 07, 2024
Bureau Veritas refocuses its portfolio in line with its LEAP | 28 strategy and enters into an agreement to sell its Food testing business to Mérieux NutriSciences.
Bureau Veritas, a global leader in Testing, Inspection, and Certification services, announced today that it has entered into an agreement to sell its Food testing business (EUR 133 million in revenue in 2023) to Mérieux NutriSciences for an Enterprise Value of EUR 360 million and net proceeds from disposals of around EUR290 million. This divestment reflects the Group’s active portfolio management, in line with Bureau Veritas’ LEAP | 28 strategy. The Group aims to focus its portfolio on served markets where it targets top leadership and performance positions by 2028.
The food testing business is a laboratory activity serving customers in the food sector. Services include microbiology testing and chemical analysis, amongst others. It operates a global network of 34 laboratories across the Americas, Africa, Asia and the Pacific, and employs over 1,900 technical staff, including chemists and microbiologists.
After closing, transaction proceeds will finance the accelerated M&A plans of the LEAP I 28 strategy. This operation will slightly enhance the Group’s adjusted operating margin and is neutral on the attributable adjusted net profit as of 2025.
“This divestment demonstrates our active portfolio management, in line with the Focused Portfolio pillar of our strategic plan. The transaction strengthens our balance sheet and gives us greater leeway to implement our ambitious acquisition plan. We are pleased to partner with Mérieux NutriSciences, a leader in Food testing, whose global footprint and proven expertise is the perfect fit for our food business and would allow it to thrive and to contribute to make food systems safer, healthier and more sustainable.” said Hinda Gharbi, Chief Executive Officer of Bureau Veritas.
“The acquisition of Bureau Veritas’ Food testing business marks a pivotal milestone for Mérieux NutriSciences. This will significantly expand our geographic coverage, consolidating a strong presence on every continent, enhancing our ability to serve customers, and ultimately increasing our contribution to the safety, quality, and sustainability of global food systems. After closing of the transaction, together with the 1,900 future colleagues joining us from Bureau Veritas, we will be even stronger in fulfilling our purpose: “Better Food. Better Health. Better World.” added Nicolas Cartier, Chief Executive Officer of Mérieux NutriSciences.
The transaction is expected to close by the end of the fourth quarter of 2024, once customary closing conditions have been met, including regulatory clearance in certain geographies.
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About Bureau Veritas
Bureau Veritas is a world leader in inspection, certification, and laboratory testing services with a powerful purpose: to shape a world of trust by ensuring responsible progress.
With a vision to be the preferred partner for its customers’ excellence and sustainability, the company innovates to help them navigate change.
Created in 1828, Bureau Veritas’ 83,000 employees deliver services in 140 countries. The company’s technical experts support customers to address challenges in quality, health and safety, environmental protection, and sustainability.
Bureau Veritas is listed on Euronext Paris and belongs to the CAC 40 ESG, CAC Next 20, SBF 120 indices and is part of the CAC SBT 1.5° index. Compartment A, ISIN code FR 0006174348, stock symbol: BVI.
For more information, visit www.bureauveritas.com, and follow us on LinkedIn.
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