By Dominic Chopping

Norwegian conglomerate Orkla ASA said late Sunday that it has agreed to buy Nordic supplier of subscription-based health and beauty products NutraQ 2 AS in a deal that values the company at 3.1 billion Norwegian kroner ($366 million).

Orkla Health will buy NutraQ from investment company Impilo and pharmaceutical wholesaler Sana Pharma Holding.

"With the acquisition of NutraQ, Orkla is taking a new, important step into a growing health and wellness market," Orkla Chief Executive Jaan Ivar Semlitsch said.

NutraQ was established in Norway in 2002 and has since also established operations in Denmark, Finland and Sweden. These four countries account for around 90% of turnover. The company is headquartered in Oslo, Norway, and employs around 150 people.

NutraQ currently has around 410,000 active subscriptions and reported turnover of NOK862 million in 2020 and earnings before interest, tax, depreciation and amortisation of NOK188 million.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

February 15, 2021 02:59 ET (07:59 GMT)

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