Global nutrition group Glanbia has said it is spending about €181m to acquire two companies.

US firm Amazing Grass is based in California and grows cereal grasses and alfalfa for use in a range of plant based food supplements. 

Body and Fit is a Dutch company specialising in online distribution of performance nutritional products such as the protein shakes.

Glanbia said that both of the existing management teams will remain with the respective businesses. Integration will largely be related to installing Glanbia supporting systems, it added.  

Glanbia said the investment will be funded by debt from existing facilities and the two new buys will be marginally earnings accretive in 2017.

Siobhan Talbot, Group Managing Director, Glanbia said, that both companies have a strong strategic fit with Glanbia Performance Nutrition and will extend its reach to new consumers and channels. 

"Both businesses have a track record of strong growth and we will continue to invest in their future development," Ms Talbot said.