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M&A
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M&A
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DSM TO MERGE WITH FIRMENICH
DSM announced a “merger of equals” with privately-owned flavours and fragrances company Firmenich. The Animal Nutrition & Health (ANH) business will continue to be led out of Kaiseraugst. ANH will make up around 29% of the combined group DSM-Firmenich’s revenues, compared to 36% of the net sales of DSM alone.
CJ CHEILJEDANG RUMOURED TO BE SELLING CJ SELECTA
Reuters claimed in mid-May that CJ CheilJedang was looking into a sale of its soy protein concentrate division CJ Selecta (part of CJ Bio), a few weeks after the company claimed it was reviewing its various strategic options for the division. The report’s sources claim some 24 companies, including ADM and Cargill, showed an interest in CJ Selecta.
DARLING INGREDIENTS ACQUIRES BRAZILIAN RENDERER
Darling Ingredients announced that it is acquiring Brazilian rendering company Grupo FASA for approximately USD 557 million, the same week that it completed its USD 1.1 billion acquisition of Valley Proteins. FASA’s 14 industrial plants process over 1.3 million tonnes of animal by-products each year, producing ingredients for both animal feed and renewable fuels.
Cargill signed an agreement in June to acquire phytogenic feed additive company Delacon, in whom it has had a minority equity stake since mid-2017. The acquisition, which is expected to close in mid-2022, comes after five years of partnership between Cargill and Delacon.
PINNACLE-BACKED VISERION TO ACQUIRE WESTERN MILLING
Viserion Milling, LLC, backed by Pinnacle Asset Management, L.P., is to acquire California-based feed supplier Western Milling, LLC from Kruse Western, Inc. for an undisclosed amount. Western Milling claims to be one of the largest industrial providers of mixed grain cattle feed products to California’s dairy industry, and offers several other animal nutrition products. US POULTRY COMPANY FOSTER FARMS CHANGES HANDS
California-based, family-owned poultry company Foster Farms was acquired by Atlas Holdings in June for an undisclosed amount. Donnie Smith, former CEO of Tyson Foods, has been named Foster Farms’ new CEO and Chairman of the Board. The company is said to generate around USD 3 billion in annual revenues and employ over 10,000 in processing jobs.
VALL COMPANYS TO BUY MAJORITY STAKE IN NUTRECO’S SADA
Spanish poultry producer Vall Companys Group is acquiring a majority stake in another poultry company, Grupo SADA and subsidiary SADA Canarias, from Nutreco.
FINLAND’S ORION ACQUIRES BELGIAN ANIMAL HEALTH GROUP
Finnish pharmaceutical company Orion Corporation is acquiring Inovet BV’s subsidiary VMD NV’s group of companies (Biové Laboratoires SAS, Biard SAS, V.M.D. Állatgyógyászati Kft and Inovet Indochine Co., Ltd.) for EUR 130 million. VMD is a veterinary pharmaceuticals company with products for livestock, pets and minor species. Headquartered in Arendonk, Belgium, it has a production site in Arques, France, which it is currently expanding.
NEW OWNER FOR PERSTORP
PETRONAS Chemicals Group Berhad (PCG) agreed to acquire the entire equity interest in Perstorp Holding AB from PAI Partners for EUR 2.3 billion. Beyond feed & nutrition, Perstorp is active in markets such as paints & coatings, construction, personal care & food, and plastic additives.
SERIES A FUNDING ROUND FOR MAIZE-BASED VACCINE COMPANY
Mazen Animal Health, a startup focusing on developing novel oral vaccines, announced in May that it had closed a Series A funding round of over USD 11 million. Mazen’s concept “uses maize as a biofactory for the production of recombinant vaccines”, and its lead product is a feed-based vaccine for the prevention of Porcine Epidemic Diarrhea Virus (PEDV). Also in the pipeline are two poultry vaccines, including a coccidiosis vaccine supposedly in the proof-of-concept stage.
