Creation of the leading Food Ingredients Distributor in the United States
Global chemical distributor Brenntag SE (Essen, Germany) earlier in the week announced the acquisition of the US-based Storm Chaser Holding Corporation [“JM Swank”] (North Liberty, IA – United States) from Platinum Equity (Beverly Hills (Los Angeles), CA – United States). The company is a leading distributor of food ingredients and reported sales of approx. USD 500 mn in 2020. At an enterprise value of USD 304 mn, Brenntag announced the move as “a decisive step in expanding Brenntags’s position in the North American Nutrition industry and a key acquisition aligned with Brenntag’s M&A strategy.”
Brenntag said the acquired company offers a highly diversified product portfolio of food ingredients, such as Spices, Dairy, Grain, Sweeteners, Fats & Oils, Texturants, Flavours & Colours, Starches Cocoa, and Inclusions. The broad product line complements Brenntag’s existing portfolio in the Nutrition industry.
According to Randy Cimorelli, Chief Executive Officer of consolidated JM Swank, Lentz Milling and Armour Specialty Marketing companies, “the combined scale and resources [of Brenntag and JM Swank] will provide a bigger and even better platform to serve our customers and lead the market in food ingredient distribution.”
Source: Brenntag press release; JM Swank website
HGE – DCG / 25.06.2021