Brenntag To Buy US Food Ingredients Distributor JM Swank With Enterprise Value Of $304 Mln

German chemical distribution company Brenntag AG (BNTGF.PK) announced Wednesday the acquisition of the US-based Storm Chaser Holding Corp., called as JM Swank, from Platinum Equity.

JM Swank, a distributor of food ingredients, has an enterprise value of $304 million. JM Swank reported sales of approximately $500 million in 2020.

Closing of the acquisition is subject to certain contractual conditions and regulatory approvals and is expected to be completed within the third quarter.

The acquired company offers a highly diversified product portfolio of food ingredients such as spices, dairy, grain, sweeteners, fats & oils, texturants, flavors & colors, starches, cocoa, and inclusions.

Brenntag said the acquisition is a decisive step in expanding its position in the North American Nutrition industry.

Christian Kohlpaintner, Chief Executive Officer of Brenntag, said, "This strategic acquisition will double Brenntag's size in the Nutrition business in the region and thus creates the leading food ingredients and food process chemicals distributor in North America with approximately one billion US dollars in revenue."

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