May 23, 2024   SOURCE: BusinessWire

Primient Announces Ownership Change

Primient (or the “Company”), a leader in plant-based food and industrial ingredient production, announces the Company’s move to sole-ownership by KPS Capital Partners, LP (“KPS”). The transaction is expected to be completed by the end of July 2024 and is subject to customary closing conditions and approvals.

This is the second investment KPS has made in the Primient business. In April 2022, KPS acquired a controlling interest in Tate & Lyle PLC’s (LSE: TATE.L, “Tate & Lyle”) Primary Products Business in North America and Latin America, establishing Primient as an independent business.

Primient’s Bold Next Step

This next step in Primient’s journey comes on the heels of an unprecedented $700 million in capital investments over the next five years focused on modernizing our manufacturing footprint and positioning the Company for growth in the years to come.

“We are proud of the Company we’ve built under KPS’ ownership in the past two years,” said Jim Stutelberg, Chief Executive Officer of Primient. “Their belief and commitment have been instrumental in setting Primient up for success from day one. This investment underscores KPS’ confidence in the strength of our business. We are the most committed, most reliable, and most sustainable supplier in our industry, and will be for decades to come.”

A Legacy Rooted in Proven Ingredients and Potential

Primient brings more than 100 years of experience in the food and industrial ingredients markets - first as the A.E. Staley Manufacturing Company and most recently as part of Tate & Lyle.

The Company delivers the highest quality plant-based solutions and services with a clear path to evolving their portfolio to unlock the emerging potential of the bioeconomy.

Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, “Primient’s performance has exceeded our expectations, and this second investment represents KPS’ continued commitment to Primient, its customers and employees. Under our ownership, Primient will continue to modernize 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.”

About KPS Capital Partners, LP

KPS, through its affiliated management entities, is the manager of a family of investment funds with approximately $21.4 billion of assets under management (as of December 31, 2023). For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies currently generate aggregate annual revenues of approximately $20.3 billion, operate 222 manufacturing facilities in 26 countries, and have approximately 48,000 employees, directly and through joint ventures worldwide (as of December 31, 2023). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

About Primient

Primient is a leading producer of food and industrial ingredients made from plant-based, renewable resources. Founded in 1906 as A.E. Staley Manufacturing Co., Primient has an over 100-year history of producing corn-derived products in the United States. The Company produces corn-derived products which are used in a wide variety of applications including carbonated beverages, confectionary products, packaging applications and animal feed for some of the world’s most recognizable food and beverage brands. Primient employs approximately 1,800 people across six manufacturing facilities in the United States and Brazil. For more information, visit www.primient.com.