Brenntag has acquired food ingredients distributor JM Swank from Platinum Equity. JM Swank, headquartered in North Liberty, Iowa, offers a portfolio of food ingredients, including spices, dairy, grain, sweeteners, fats & oils, texturants, flavors & colors, starches, cocoa, and inclusions.
Platinum Equity acquired JM Swank from ConAgra Foods in 2016.
“With JM Swank, we acquire a renowned leader in the North American market in the sector of food ingredients distribution,” said Christian Kohlpaintner, chief executive officer of Brenntag SE. “This strategic acquisition will double Brenntag’s size in the Nutrition business in the region and thus creates the leading food ingredients and food process chemicals distributor in North America with approximately one billion US dollars in revenue.”
“Leveraging Platinum’s operational and financial toolbox has allowed us to take this next step into the future,” said Randy Cimorelli, chief executive officer of JM Swank. “The combined scale and resources will provide a bigger and even better platform to serve our customers and lead the market in food ingredient distribution. Truly a special business combination.”
“JM Swank exemplifies how Platinum’s approach can create value throughout the entire lifecycle of an investment,” said Platinum Equity managing director Adam Cooper. “Following the carve out from ConAgra, we executed a comprehensive transition and transformation program, providing the business with the tools needed to thrive as an independent company. We invested in JM Swank’s national distribution infrastructure, optimized its operations, installed an outstanding management team, and built a scalable platform that is now well positioned for a new period of growth in the years ahead.”
Harris Williams and Wells Fargo are serving as financial advisors to Platinum Equity on the sale of JM Swank. Morgan Lewis is serving as legal counsel to Platinum Equity on the transaction.