Ashland announced it has completed the sale of its nutraceuticals business to an affiliate of Turnspire Capital Partners (Turnspire) effective August 30, 2024. The sale includes custom formulation and contract manufacturing capabilities for the nutrition market from the production facilities in New Jersey and Utah in the United States, and Tamaulipas, Mexico. Financial terms of the transaction were not disclosed.

“The nutraceuticals business has a strong portfolio of proprietary ingredients, formulation and manufacturing capabilities,” said Guillermo Novo, Chair and CEO, Ashland. “I want to thank the employees for their dedication and commitment to Ashland and to our customers over the years. On behalf of the Ashland team, I wish the new Pharmachem Innovations continued success as part of the Turnspire family of companies.”

“We greatly appreciate the Ashland team’s consistent constructive approach to achieve this win-win transaction,” said Ilya Koffman, Managing Partner, Turnspire. “We look forward to working with the talented management and employees of Pharmachem Innovations to build on the business’s rich legacy as a leader in the growing and compelling nutraceuticals space.

Citi acted as financial advisor to Ashland. Cravath, Swaine & Moore LLP acted as legal advisor to Ashland.