JM Swank, a portfolio company of Platinum Equity, has acquired Lentz Milling Company. Platinum acquired JM Swank, a food ingredient sourcing and distribution business, from ConAgra Foods in June 2016.
Lentz Milling provides food ingredient distribution services to food manufacturers, commercial bakeries, retail bakeries, and other customers throughout 10 states in the Mid-Atlantic and Northeast regions. The company primarily distributes bakery-related products such as flour, sugar and sweeteners, bakery mixes, shortenings and fillings. Lentz Milling is headquartered in Reading, PA (www.lentzmilling.com).
Lentz Milling was founded by Jake Lentz in 1942 and has been family-owned and operated for four generations. Lentz President Ted Lentz, who is staying on following the transition to new ownership, said joining forces with JM Swank will create new opportunities.
“JM Swank is the perfect fit for our company,” said Mr. Lentz. “This transaction will allow us to continue running our existing operations while providing greater access to capital and an expanded product line that we can offer to both new and existing customers.”
JM Swank sources and distributes more than 3,000 ingredients including grains; beans and breading; cocoa, chips, and nuts; sweeteners; dairy and eggs; flavors, sauces, broths and vinegars; fruit and vegetables; and spices, seasonings and seeds. The company transports more than 800 million pounds of products annually and operates 19 warehouses and five distribution centers located across the country. The company is led by CEO Shawn Meaney and is headquartered north of Iowa City in North Liberty, IA (www.jmswank.com).
“Lentz has been serving customers in the Mid-Atlantic and Northeast for over 75 years and has a well-earned reputation for quality service,” said Mr. Meaney. “This acquisition will immediately expand our presence in the region and create a strong platform to grow.”
“Following the carve-out from ConAgra in June 2016, JM Swank became an outstanding platform for growth as a standalone company,” said Adam Cooper, a Platinum Equity Principal. “We are pleased that Ted Lentz has confidence in our ability to support Lentz Milling in the next chapter of its evolution and we are actively seeking other similar opportunities to broaden JM Swank’s reach and expand its capabilities.”
Platinum Equity invests in a range of industries including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, and telecommunications. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion buyout fund which closed in March 2017. Platinum Equity has completed more than 200 acquisitions since its founding in 1995. The firm is based in Beverly Hills with additional offices in New York and London (www.platinumequity.com).
© 2018 Private Equity Professional | March 2, 2018
