(Yicai Global) May 18 -- Chinese dietary supplement manufacturer Kingdomway Group Co. plans to buy US nutritional beverage firm Zipfizz Corp. for USD80 million, as part of efforts to unlock growth in overseas markets.
Kingdomway's US unit has signed an equity purchase agreement with Zipfizz to purchase all shares in the company in cash, the Xiamen-based firm said in a statement.
Founded in Washington state in 2003, Zipfizz primarily makes sports and nutrition-related powders and beverages. Its products feature low calories, low carbohydrates, no sugar, and are rich in vitamins and minerals. They are widely sold in large shopping centers, fitness centers, convenience stores and through Amazon Inc.'s e-commerce site.
As health awareness grows among consumers worldwide, the market is becoming more mature and consumer demand is constantly expanding. Zipfizz has a good international reputation and branding in functional beverages which are complementary to the company's products, Kingdomway said.
Founded in 1997, Kingdomway produces food fortifiers and feed additives which are widely used in food, feed, health products, medicines and cosmetics.
Editor: William Clegg