CanPrev Natural Health Products Ltd. has agreed to acquire Innovite Health, a Canadian manufacturer of natural health products. CanPrev’s acquisition will transfer the Innovite Health brand and related intellectual property from Innovite’s parent company Inoyan Laboratories Inc.
“The move is designed to create further opportunities for growth and innovation in the Canadian nutraceutical market,” CanPrev stated in making the announcement. “The combined capabilities will further cement the presence of a genuine, all-Canadian innovation hub for natural health products, better serving Canadians with research-driven products uniquely designed for the Canadian market.”
Innovite was founded in 1983 by Donna and Cornelius Pasare in a Toronto basement. The company was founded to address the lack of local natural health options locally and source innovative health products to supply to the Canadian market. Innovite built a strong grassroots following thanks to the word-of-mouth recommendations of health food staff and consumers.
“When the opportunity arose to integrate Innovite with CanPrev, there was no hesitation,” said Franco Salituro, president of CanPrev. “We are completely aligned with Innovite’s legacy of making natural health available to all Canadians. By working together, we believe we can better serve the needs of Canadians who are seeking more control over their own health.”
Details of the transition will be shared with both companies’ retail partners ahead of the expected changeover.