FoodChain ID, a portfolio company of Paine Schwartz Partners, has acquired Diversified Laboratories.
Diversified Laboratories is an analytical laboratory that specializes in the detection of more than 600 types of pesticides, chemicals, and antibiotic residues in food and animal feed products. The company’s customers include many of the major poultry, animal feed and food ingredient suppliers in the US. Diversified, led by CEO Peter Kendrick, was founded in 1977 and is headquartered near Washington, DC in Chantilly, Virginia.
FoodChain ID (formerly The Global ID Group) is a provider of food safety and food quality testing and accreditation services to more than 30,000 clients in over 100 countries. The company is headquartered in Fairfield, Iowa, with additional locations in Europe and South America.
Paine Schwartz acquired FoodChain ID in October 2016 through its fourth fund from Inverness Graham.
“The acquisition of Diversified enables FoodChain ID to provide a more comprehensive contaminants testing solution while offering our customers industry-leading turnaround times,” said Brad Riemenapp, the chief executive officer of FoodChain ID. “Diversified brings a complementary set of expertise and capabilities that expand our market-leading portfolio of broader technology-enabled solutions and accelerates FoodChain ID’s strategic innovation initiatives.”
This is the second add-on acquisition for FoodChain ID this year and follows the June buy of Decernis, a Washington, DC-based provider of compliance and risk management services to companies operating in the food, consumer products, and chemical sectors.
Paine Schwartz Partners (previously Paine & Partners) provides equity for management buyouts, going-private transactions, and company expansion and growth programs. Sectors of interest include the food and agribusiness industries. The firm was founded in 2006 by Dexter Paine and Kevin Schwartz and has offices in New York City and San Mateo, California.
© 2019 Private Equity Professional | November 18, 2019
