Probi and Viva5 announce joint venture to address growing market segments
Swedish probiotic provide Probi has entered a strategic joint venture with Viva5 Group, a health and wellness company based in the US.
The joint venture VivaPro is aimed at addressing the global market in probiotic related business areas, and will focus on exploring, researching and co-developing products in probiotic related market segments adjacent to existing core business areas of the two companies.
Albert Dahbour, executive vice-president, Viva5, commented: “With this strategic joint venture, we bring together the distinct capabilities of Probi and Viva5 in order to meet the increased consumer interest and demand for consumer-friendly applications in areas such as functional food, beverages and pet health.”
Probi manufactures and supplies the consumer healthcare and food industry probiotics with health benefits based on scientific research. Today, Probi has presence in the consumer healthcare market with dietary supplements and in selected food and beverage applications. The joint venture will address new and attractive market niches with the target to broaden the market reach for Viva5 and Probi.
Tom Rönnlund, CEO of Probi, concluded: “This joint venture is an important step in our commercial efforts to address new and attractive market niches. Even in these turbulent times, we see great opportunities to jointly build a successful business, based on our longstanding relationship and confidence in our respective abilities to create scientific and commercial success.”