KPS Capital Partners, LP has announced the acquisition of the remaining 49.7% stake in Primary Products Investments LLC (Primient) from Tate & Lyle PLC for USD 350 million. This deal will finalize by the end of July 2024, subject to customary closing conditions and approvals. Primient, a leading manufacturer of food and industrial ingredients derived from maize, employs around 1,800 people with facilities in the United States and Brazil. Previously, in April 2022, KPS had acquired a majority stake in Primient, and this new transaction underscores KPS’s ongoing commitment to Primient’s growth. Michael Psaros, co-founder of KPS, expressed satisfaction with Primient’s performance and future growth plans. Additionally, Primient’s CEO, Jim Stutelberg, highlighted substantial progress made under KPS’s ownership and their plans for future investments totaling over USD 700 million within the next five years. These investments aim to enhance production quality and sustainability at Primient. Legal and financial advisors for the transaction include Paul, Weiss, Rifkind, Wharton & Garrison LLP, Evercore, and Barclays.
Private Equity, Food and Beverage Ingredients, Mergers and Acquisitions,United States, Brazil, United Kingdom
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