Royal DSM has entered into an agreement to acquire Fortitech, a developer of nutrient premixes and a portfolio company of Trilantic Capital Partners, in an all cash transaction for a total enterprise value of $634 million.
Fortitech is a developer and manufacturer of custom nutrient premixes for the food and beverage industries. The company fortifies (adds nutrients to improve the healthiness of) various products, including infant food/formulas, cereals, sports drinks, nutrition bars, supplements, diet products, yogurt, peanut butter, baked goods, dairy products and medical foods. The company is headquartered in Schenectady, NY, and has manufacturing and distribution facilities in Europe, Asia, South America and the United States (www.fortitech.com).
Trilantic Capital Partners first invested in Fortitech in October 2010. During its ownership, Fortitech invested significantly in its global footprint and now has six production sites located in New York, California, Campinas (Brazil), Kuala Lumpur (Malaysia), Gastrup (Denmark) and Poznan (Poland), with additional sales offices in China, Russia and Mexico.
“Working with Fortitech’s talented founders and management team to take the company to the next level has been a gratifying experience, and we are thrilled with Fortitech’s impressive accomplishments during our partnership,” said Charlie Moore, Partner at Trilantic Capital Partners. “Our investment in Fortitech is another example of a productive partnership with a closely-held, founder-owned business. We thank the entire Fortitech team and wish them every success as they continue to build their business as part of DSM.”
Trilantic Capital Partners makes control and significant minority investments in North America and European companies. Sectors of interests include consumer, energy, financial and business services. Trilantic was formed in 2009 by the former principals of Lehman Brothers Merchant Banking. Trilantic currently manages two institutional private equity funds with an aggregate capital commitment of $3.9 billion. The firm is based in New York (www.trilanticpartners.com).
“Together with the Trilantic team, we have been able to make significant strides in our growth plans,” said Walt Borisenok, Fortitech Founder and CEO. “The combination of Fortitech and DSM boasts a brighter and stronger scientific research database and unsurpassed technical excellence that will enable us to bring superior value to our products and services.”
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-9-12