Chemicals producer Hawkins Inc. (Nasdaq: HWKN) is buying Stauber Performance Ingredients from ICV Partners for $157 million in cash.
Stauber, based in Fullerton, Californina, distributes ingredients to the food, pharmaceutical, cosmetic, and pet care sectors. The target has about $117 million in revenue. Hawkins will fund the purchase with cash and debt. ICV acquired the target in 2011.
ICV managing director Ira Moreland says “Hawkins is the right buyer to continue Stauber’s growth and expand the company’s processing capabilities.” Hawkins CEO Patrick Hawkins adds the acquisition is part of the company’s strategy to expand into new markets.
In other recent chemical and ingredient deals, Bunge Ltd. (NYSE: BG) acquired cooking oil maker Whole Harvest Foods LLC and Symrise AG (ETR: SY1) is adding natural ingredients producer Pinova Holdings Inc.
Greene Holcomb & Fisher is advising Hawkins and Piper Jaffray & Co. (NYSE: PJC) is ICV’s adviser.