Chinese firm buys Life-Space probiotics

Life-Space Group, an Australian manufacturer of probiotic supplements has been purchased by Shenzhen-based By-Health. The deal was fixed at USD690 million, according to a report in Financial Review.

According to Life-Space managing director Ben McHarg, By-Health could take the Australian brand global as well. It would retain the Melbourne operations and management which has a workforce of about 130.

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China is a major market for Australia’s health products. Its demand for infant nutrition, vitamins, and supplements continues to soar in recent years. 

Life-Space sells probiotics in China through its business Evolution Health. The Australian company's revenues was at $14 million in 2005, and hit $71 million in 2017.