M&As this week: Innophos, Hormel Foods
Speciality ingredient solutions provider Innophos has acquired all the outstanding shares of US-based company Novel Ingredients for $125m in cash.
The company has taken loans from its existing credit facility to fund the acquisition.
The acquisition is in line with Innophos’ Vision 2022 strategy, which focuses on expanding its Food, Health and Nutrition (FHN) portfolio across high-growth nutrition end-markets and to develop new ingredient solutions.
Headquartered in Cranbury, New Jersey, Innophos has manufacturing operations across the US, Canada, Mexico and China. It currently provides ingredient solutions to food, health, nutrition and industrial markets.
US-based company Hormel Foods has acquired Brazilian meat company Cidade do Sol for approximately $104m.
Cidade do Sol offers meat products for the Brazilian retail and foodservice markets under the Ceratti brand.
The acquisition is a part of Hormel Foods’ strategy to enter the Brazilian market in order to expand operations in South America.
The company has engaged HT Capital Advisors, Faegre Baker Daniels, and TozziniFreire Advogados as its advisers for the transaction.