Primient Acquires Primient Covation

KPS Forms Primient to Acquire Tate & Lyle's Primary Products Business

July 12, 2021

Food & Beverage

KPS Capital Partners agreed to acquire a controlling stake in Tate & Lyle’s Primary Products business and, together with Tate & Lyle, formed NewCo (Primient) to own the assets for an enterprise value of $1.7 billion. The transaction (a divestiture of Tate & Lyle’s Primary Products unit) creates an independent platform focused on nutritive sweeteners, industrial starches and other corn-derived ingredients, with KPS holding operational control and Tate & Lyle retaining a ~50% ownership stake.

KPS Capital Partners Acquires Tate & Lyle's Remaining 49.7% Stake in Primient

May 23, 2024

Food & Beverage

KPS Capital Partners has agreed to acquire Tate & Lyle PLC's remaining 49.7% ownership interest in Primary Products Investments LLC (Primient) for $350 million, with completion expected by the end of July 2024. Primient, a leading producer of corn-derived food and industrial ingredients employing about 1,800 people across six manufacturing facilities in the United States and Brazil, will be fully consolidated under KPS to support planned modernization and more than $700 million of capital investments.

Hovione Acquires ExtremoChem

November 28, 2023

Biotechnology

Hovione has acquired ExtremoChem, a developer and commercializer of synthetic sugars for stabilizing biopharmaceuticals, to add functional materials to its CDMO platform. Financial terms were not disclosed; Hovione said the acquisition enhances its formulation, particle engineering and stabilization capabilities and will support wider market adoption of ExtremoChem’s sugars.

Primus Capital Invests in Prendio and BioProcure

October 18, 2023

Cloud & SaaS

Primus Capital has made a growth equity investment in Prendio and sister company BioProcure to support organic growth, expansion into additional life-sciences markets, and continued product and service innovation. The investment will back Prendio's cloud-based eProcurement SaaS and BioProcure's procure-to-pay support services for biotech customers; Aeris Partners served as exclusive financial advisor to the sellers and law firms Latham & Watkins and Goodwin Proctor served as legal advisors.

Lesaffre Acquires 70% Stake in Biorigin from Zilor

October 4, 2024

Food & Beverage

Lesaffre has agreed to acquire a 70% majority stake in Biorigin, a yeast-derivatives business unit of Brazilian agribusiness Zilor, with Zilor retaining a 30% interest. The deal (subject to customary approvals, including CADE) gives Lesaffre control of Biorigin's production footprint in São Paulo (including a plant in Quatá) and is intended to expand Lesaffre's yeast-derivative capabilities and global savory-ingredient supply; the move follows Lesaffre's related collaboration to acquire DSM-Firmenich's yeast-extract go-to-market organization and know-how.

Eli Lilly Acquires Protomer Technologies

July 14, 2021

Biotechnology

Eli Lilly and Company announced the acquisition of Protomer Technologies, a private biotechnology company based in Pasadena, California, to enhance Lilly's diabetes pipeline. The deal has potential value of over $1 billion contingent on development and commercial milestones; Lilly previously held a 14% stake and is acquiring the remaining shares to gain Protomer's glucose‑sensing insulin programs and protein‑engineering MEPS platform.