Bayer AG has agreed to buy online vitamin and health supplement company Care/of.
Bayer is acquiring 70 percent of the four-year-old business in a transaction that values the company at $225 million, according to a person familiar with the matter. Bayer will have an option to buy the rest by 2022, said the person, who asked to not be identified because the terms of the transaction are private.
The deal is an “important milestone” for both companies, said Bayer spokesman Dan Childs, who declined to comment on the terms of the transaction.
“We believe this model and product type has the ability to expand into traditional retail channels as we aim to reach new consumers,” Childs said in a statement. “Together we plan to grow the Care/of business across new channels, new categories and new markets to deliver even more personalized nutrition.”
A representative for Care/of didn’t immediately respond to a request for comment.