DALLAS — On July 1, Grain Processing Corporation (GPC), a subsidiary of KENT Corporation, closed on its acquisition of Natural Products, Inc. (NPI) for an undisclosed amount. NPI was advised by Generational Equity, an M&A service provider for privately held companies, on the acquisition.
"I am tremendously proud to welcome the NPI team to GPC," said Jimmy Kent, senior vice president of sales at GPC. "We are investing further into sustainable quality food production through this family-to-family, Iowa-to-Iowa acquisition, helping us increase our diverse portfolio of products that help feed the growing world."
NPI was formed in 1995 to produce high quality, food-grade soybeans for the food and beverage industries. The Grinnell, Iowa-based company produces full fat soy ingredients from non-GMO and Certified Organic soybeans, as well as other pulse-based products such as chickpeas.
Muscatine, Iowa-based GPC focuses its production on corn starches, maltodextrins and high purity alcohol. The company’s ingredients are used in food and beverage products, nutraceuticals, pharmaceuticals, personal care products, and industrial starch applications, including for pet food and treats.
"Consumers today want transparency, pristine quality and assurance their food is healthy and made to the highest quality standards," said Patrick Homoelle, president of GPC. "With NPI's plant-based, non-GMO, organic and gluten-free ingredient solutions, this acquisition is a great fit with our field to family portfolio of businesses."
KENT Corporation aims to further diversify its portfolio with the acquisition of NPI through GPC, including its offerings for the food and beverage, pharmaceutical, and animal nutrition and pet product categories. The company is currently led by Gage A. Kent, a third-generation member of the Kent Family.
“We’re very excited for both NPI and GPC,” said Todd McGreevy, senior M&A advisor at Generational Equity. “This was a fantastic collaboration between both deal teams and is testament to the trust and mutual respect for each party’s skill sets and industry expertise that was established early on.”
KENT employs more than 2,000 people across 40 locations in 20 United States and seven countries around the world.
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