KPS Capital Partners, LP has announced a definitive agreement with Tate & Lyle PLC to acquire the latter’s remaining 49.7% stake in Primary Products Investments LLC (Primient) for $350 million. Primient, a leading producer of food and industrial ingredients derived from renewable plant-based resources, was founded in 1906 and employs around 1,800 individuals in the US and Brazil. KPS originally acquired a majority stake in Primient in April 2022. Under the continued management of KPS, Primient plans to modernize operations, support sustainable growth, and make $700 million in capital investments over the next five years. The deal is expected to close by the end of July 2024, subject to customary closing conditions and approvals. Legal advisory for KPS was provided by Paul, Weiss, Rifkind, Wharton & Garrison LLP, with Evercore serving as the exclusive financial advisor, and Barclays leading the debt financing for the investment.
Private Equity, Food Ingredients, Industrial Manufacturing,United States, United Kingdom, Brazil
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