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KPS to acquire Tate & Lyle’s ownership interest in Primient
FoodBev Media

FoodBev Media

23 May 2024

KPS to acquire Tate & Lyle’s ownership interest in Primient

KPS Capital Partners has entered into a definitive purchase agreement to acquire Tate & Lyle’s remaining ownership interest of 49.7% in Primient for $350m. Primient produces food and industrial ingredients made from plant-based, renewable resources. It has over a century of experience in producing corn-derived products in the US, used in a wide variety of applications including carbonated beverages, confectionery products, packaging applications and animal feed for renowned F&B brands globally. The company employs approximately 1,800 people across its six manufacturing facilities in the US and Brazil. KPS acquired a controlling interest in Primient, Tate & Lyle's Primary Products business in North America and Latin America, in April 2022. In connection with the transaction, Primient and Tate & Lyle entered into long-term agreements to provide security of supply to both companies’ retained businesses. Michael Psaros, co-founder and co-managing partner at KPS, said that Primient’s performance has “exceeded expectations”. He added: “Under our ownership, Primient will continue to modernise its operations, supporting growth initiatives and industry-leading sustainability practices. We intend to make further strategic investments to strengthen Primient's role within the corn wet milling industry and the broader bioeconomy.” Primient’s CEO, Jim Stutelberg, commented: “With strong KPS support, we are executing on more than $700 million in capital investments over the next five years to ensure the highest quality and most reliable production in the industry for decades to come. We believe the scale of our planned investments is unmatched in our industry and will position Primient to win new opportunities to serve the bioeconomy.” KPS expects to fund the investment through a combination of debt and equity financing. Completion of the transaction is expected by the end of July 2024 and is subject to customary closing conditions and approvals.

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