Intertek to Acquire Alchemy
Today Intertek Group plc announced its intent to acquire Alchemy Investment Holdings, Inc. (more commonly known as Alchemy). The company points to Alchemy’s People Assurance solutions for the food industry as playing a role in promoting operational excellence and helping to identify critical skill gaps in frontline employees, especially as supply chains and distribution channels increase in complexity. Intertek provides assurance solutions that help companies identify and mitigate risk in operations, supply and distribution chains, and quality management systems. The company believes the addition of Alchemy will strengthen its global offerings.
“Alchemy’s unique focus on frontline workforce training is critical for safety and operational execution. Our combined solution will provide companies with a higher level of quality assurance and with greater peace of mind.” – André Lacroix, Intertek Group
Alchemy is owned by The Riverside Company, a private equity company, and will be bought for a cash consideration of $480 million on a cash-free and debt-free basis, according to Intertek. The company intends to maintain its current focus and its management team will stay. “Alchemy does not plan to change its brand, its focus on frontline workers or the food industry, or to scale down its operations — to the contrary, this purchase only fuels more growth,” an Alchemy spokesperson stated in an email to Food Safety Tech. “Intertek’s client list and market access will give Alchemy additional global reach.”