Downer & Company LLC

Downer & Company Advises Glanbia PLC on Acquisition of Seltzer Companies, Inc.


Boston, MA -- (ReleaseWire) -- 10/04/2006 --Downer & Company, LLC, an international investment banking firm specializing in middle-market cross border acquisitions and divestitures, is pleased to announce that Glanbia plc, of Ireland, has completed the acquisition of Seltzer Companies, Inc. The transaction, which was announced in September, closed on October 2, 2006.

Seltzer, headquartered in Carlsbad, California, is a leading U.S. nutritional solutions company focused on the development and distribution of specialty ingredients and fine nutrients such as amino acids, minerals and vitamins for the nutritional supplement, food, personal care and pharmaceutical industries. Total consideration for the deal is $105 million. $80 million is payable upon completion of the transaction and $25 million will be paid after specific performance milestones have been reached. Seltzer has 94 employees and will continue to be run by the existing management team.

Mr. John Moloney, Group Managing Director for Glanbia, said in a company statement, “Consumers world-wide are increasingly aware of the link between diet and health and as a result key sectors within the global nutritional market, such as functional foods and nutritional supplements, are growing very strongly. The acquisition of Seltzer Companies, Inc., combined with our existing Nutritionals business, extends Glanbia's platform to develop a global Nutritionals business and will be earnings enhancing in 2007. It also advances the international development of the Group into key global growth markets. We welcome Wayne Seltzer and his team to the Group.”

This marks the third acquisition Downer & Company has completed for Glanbia plc since December 2004. The Downer & Company deal team for this transaction consisted of Joseph Downing, Managing Director, Ed Raffoni, Associate, Geoff Lewis, Analyst and Olivier Simon, Analyst.

About Glanbia plc
Glanbia is an international dairy, consumer foods and nutritional products company, with a growing reputation for innovation and advanced manufacturing processes. Quoted on the London and Dublin Stock Exchanges, the Group is one of the world's leading suppliers of dairy-based nutritional ingredients, as well as being a major European dairy processor. Glanbia Nutritionals is a leading provider of science-based nutritional solutions for products with enhanced health benefits. This business produces a wide range of specialty whey proteins, dairy derived nutritional ingredients, minerals and vitamins. Glanbia Nutritionals supplies ingredients for use in ready-to-drink/ powdered beverages, nutritional bars, dairy products, snacks and confectionary products across a range of sectors, including the sports nutrition, weight management and general wellness markets. Glanbia Nutritionals has operations in the US, Ireland, Germany and the UK as well as sales offices in South America and China. For more information, visit

About Downer & Company
For thirty years, Downer & Company, LLC, has gained distinction as a leading middle-market M&A firm focused on the execution of acquisition and divestiture mandates for international and domestic corporations and private equity firms. Downer & Company is headquartered in Boston, Massachusetts, and has offices in Paris, Dublin, Frankfurt and Sydney. Downer & Company received an award for transacting the "International Cross-Border Deal of 2004" and was recognized as the top Investment Banking Firm of 2003 by The Mergers & Acquisitions Advisor. Downer & Company's corporate headquarters are located at 60 State Street, Boston, MA 02109. For further information, visit