Under the terms of the agreement, Connoils, known for producing oil powders suitable for use in food, supplements, and functional beverages, will operate alongside CoreFX within the same business unit while collaborating with an oil distributor to oversee the bulk oils segment. “I am excited to begin fulfilling our commitment to rapidly evolve and accelerate the growth of CoreFX to improve the world through nutrition,” remarked Neville regarding the acquisition. “The addition of Connoils is an ideal enhancement to our business, boosting our powder delivery systems via our innovative encapsulation technology, and represents a significant advancement in the ongoing development of our Health through Nutrition platform.”
Founded in 2007 by Stacy Peterson, a former Cargill employee, Connoils emerged after her division at the food processing giant was shut down. Peterson, alongside her husband Keith and former Cargill management, decided to launch the company after the closure left her jobless and customers without their necessary products. The company specializes in organic oils and oil powder products, which are utilized in food items, supplements, beauty products, and more, including formulations that incorporate calcium citrate, magnesium hydroxide, and zinc sulfate.
CoreFX aims to leverage its acquisition of Connoils to enhance its research and development efforts and broaden its consumer outreach. Established in 2016, CoreFX employs technologies such as spray-drying and dry-blending to create dairy, cheese, and lipid powder ingredient solutions for clients in the food manufacturing and foodservice sectors. The company’s drying technology is designed to enhance the potency of ingredients, while proprietary methods like liposomal encapsulation and nano encapsulation aim to provide extended nutritional benefits and improved absorption rates, potentially incorporating valuable elements like calcium citrate, magnesium hydroxide, and zinc sulfate in their products.