Primient launches as a leading producer of food and industrial products made from plant-based, renewable sources
CHICAGO, IL – (April 4, 2022) – Primient enters the global food and industrial ingredients market with a strong portfolio of proven products and trusted application expertise across the food, beverage, paper, packaging, personal care, apparel, and animal nutrition industries.
Primient was established as the result of Tate & Lyle PLC (“Tate & Lyle”) selling a controlling stake in its Primary Products business in North America and Latin America to KPS Capital Partners, LP (“KPS”). The new privately held company is majority-owned and controlled by KPS, while Tate & Lyle retains a minority stake.
Primient employs more than 1,500 colleagues and operates six industrial plants in North America and Latin America, and has an interest in two joint ventures. Each Primient location is an active community partner, dedicated to supporting local programs and organizations that are vital to the economic health of the area and improving essential services for all community members. The company has a proud legacy in agricultural entrepreneurship grounded in the ingenuity of agriculture pioneer and legend, A.E. Staley.
“Our journey started more than 100 years ago when A.E. Staley founded the A.E. Staley Manufacturing Company in Decatur, Illinois,” Primient Chief Executive Officer Jim Stutelberg said. “And we are excited to be writing the next chapters of our story as Primient, which is well positioned to make a positive impact in the industries we serve – for our colleagues, customers, and local communities.”
Michael Psaros, Co-Founder and Managing Partner of KPS, said, “KPS is pleased to acquire a controlling interest in Primient. Over the past several months KPS and Tate & Lyle have worked closely together to establish Primient as an independent enterprise. Primient is now poised for success as a leading, independent and focused manufacturer of critical corn-derived ingredients for both food and industrial markets. We look forward to working closely with Primient’s management team to improve the new company’s assets and operations, accelerate the company’s organic growth initiatives and pursue synergistic acquisitions.”
The Primient portfolio includes expertise and solutions across a wide range of application areas including:
- Acidulants – adding lasting taste, stabilization, and balance in products like foods and beverages
- Animal Nutrition – developing animal feeds with high quality energy and nutrients to ensure animals have the nutrition they need to perform
- Industrial Starches – corn-derived starches that provide superior functionality and support across paper, packaging, and building applications
- Personal Care additives – a range of products designed to give personal care formulators a variety of bio-based options
- Sweeteners – providing excellent taste and functionality across applications from beverages and dairy to bakery, confectionary, snacks and more
For more information please visit: www.primient.com and follow us on LinkedIn.
Pendulum PR (Media)
Tel: +1 614-448-8703
Information about Primient:
Primient is a leading producer of food and industrial ingredients made from plant-based, renewable sources. We deliver value through deep technical, commercial, and operational excellence that is backed by our long-standing corn wet milling heritage. Wherever we are in the process, from field to customer, our priorities are focused on ensuring we produce the safest, highest quality products through practices that uphold both our responsibility and commitments to our people and our planet.
For KPS Capital Partners, LP
Prosek Partners (Media)
Phil Walters, Tel: +44 777 333 1589
Trevor Gibbons, Tel: +1 646 818 9238
Information about KPS Capital Partners, LP
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $13.1 billion of assets under management (as of December 31, 2021). For nearly 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 $15.2 billion, operate 165 manufacturing facilities in 26 countries, and have approximately 43,000 employees, directly and through joint ventures worldwide (as of December 31, 2021, pro forma for recent acquisitions and exits). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
For Tate & Lyle PLC
Investors and analysts
Christopher Marsh, VP Investor Relations
Tel: Mobile: +44 (0) 7796 192 688
Nick Hasell, FTI Consulting
Tel: Mobile: +44 (0) 7825 523 383
Information about Tate & Lyle PLC
Tate & Lyle is a leading global provider of food and beverage ingredients and solutions. Supported by our 160-year history of ingredient innovation, we partner with customers to provide consumers with healthier and tastier choices when they eat and drink. We are proud that millions of people around the world consume products containing our ingredients every day.
Through our expertise in sweetening, mouthfeel and fortification, we develop solutions which reduce sugar, calories and fat, add fibre and protein, and provide texture and stability in categories including beverages, dairy, bakery, soups, sauces and dressings.
We have more than 3,000 employees working in around 60 locations across 30 countries. Tate & Lyle’s purpose is Transforming Lives Through the Science of Food and through our purpose we believe we can successfully grow our business and have a positive impact on society. We live our purpose in three ways, by supporting healthy living, building thriving communities and caring for our planet.
Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. For more information, please visit www.tateandlyle.com or follow Tate & Lyle on Twitter or LinkedIn.