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KPS Capital Partners has agreed to acquire Tate & Lyle's remaining 49.7% stake in Primient for $350 million, with the transaction expected to close by July 2024. Primient, founded in 1906, is a leading producer of plant-based, renewable food and industrial ingredients, employing 1,800 people across six facilities in the US and Brazil. KPS initially acquired a controlling interest in Primient in April 2022, and this new investment underscores its commitment to the company. KPS plans to modernize Primient's operations, with over $700 million allocated for capital investments over the next five years. The acquisition will be financed through a mix of equity and debt, with Barclays leading the debt financing.
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KPS Capital Partners has announced a definitive purchase agreement to acquire a controlling stake in Tate & Lyle's Primary Products business in North America and Latin America for an enterprise value of $1.7 billion. This acquisition includes interests in Almidones Mexicanos and DuPont Tate & Lyle Bio-Products. KPS and Tate & Lyle will each own about 50% of the newly formed company, NewCo, with KPS having operational control. The transaction is expected to close in Q1 2022 and aims to drive growth opportunities and enhance profitability through substantial investment in NewCo.