Milk Specialties Global has confirmed that an affiliate of American Securities, a leading US private equity firm, has acquired the company from Kainos Capital, which acquired Milk Specialties in 2011. Terms of the deal were not disclosed.
Founded in 1949, Milk Specialties is a leading human and animal nutrition company. The company’s Human Nutrition Business Unit is a leading manufacturer of whey and milk protein ingredients used primarily in the sports nutrition and function food markets.
Dave Lenzmeier, CEO of Milk Specialties, said “Milk Specialties has a strong history of growth in an exciting market. Demand for protein has soared driven by global population growth and interest in healthy lifestyles. We are excited about our new partnership with American Securities to support our growth goals in this expanding market.”
“Every individual at Milk Specialties plays an important role, from operators who focus on producing the highest quality products to the executive leadership team,” added Eddie Wells, President of Milk Specialties. “We are excited to match our dedicated and talented team with the resources of American Securities, and together focus on the goals we set to achieve.”
“We are pleased to partner with Dave Lenzmeier, Eddie Wells and the rest of the Milk Specialties management team,” said David Horing, a Managing Director of American Securities.
“We are excited about the company’s leading positions in the rapidly growing dairy protein and animal nutrition markets. The company’s commitment to product innovation, combined with its experienced and customer-focused management team, positions Milk Specialties for a strong future as a market leader. We look forward to bringing our resources to bear to support Dave, Eddie and their team for Milk Specialties’ continued success.”
Milk Specialties will maintain its headquarters in Eden Prairie, Minnesota. Executives and senior leaders, as well as its more than 700 employees, will remain in place to ‘take the business to the next level of growth’.
The proposed transaction is subject to the ‘satisfaction of closing conditions’ and the transaction is expected to close later in the year.
Morgan Stanley and Houlihan Lokey acted as financial advisors and Greenberg Traurig acted as legal advisor to Milk Specialties in this transaction.
American Securities is a leading US private equity firm with approximately USUS$15 billion under management. Based in New York with an office in Shanghai, American Securities invests in market-leading North American companies with annual revenues generally ranging from USUS$200 million to USUS$2 billion and/or EBITDA of USUS$50 million to USUS$200 million.
www.MilkSpecialties.com
www.american-securities.com
