Oterra, the world’s leading supplier of natural colors, with the widest portfolio in the industry, continues its strong growth acceleration announcing the acquisition of Food Ingredient Solutions.
Founded in 1999, Food Ingredient Solutions is a leading American producer of colors and natural antioxidants with a strong exposure to, and growth from, natural colors. The company serves more than 400 customers annually and has two certified processing facilities located in Teterboro, New Jersey, and Marshfield, Missouri.
Oterra continues its strong growth with multiple complementary bolt-on acquisitions since its inception, including the acquisition of SECNA Natural Ingredients Group S.L. and Diana Food’s coloring business in Europe earlier in 2021. Food Ingredient Solutions will mark its first US-based acquisition, strengthening its on-the-ground international presence and creating meaningful synergies with Oterra.
“North America is one of the fastest growing natural colors markets, and this acquisition puts Oterra in a great position to further support our customers in the conversion towards natural colors” said Cees de Jong, chairman, Oterra.
Jeff Greaves, founder and CEO of Food Ingredient Solutions, will join Oterra. “I’m thrilled that Food Ingredient Solutions will become a part of Oterra. We have a strong local presence and great customer relationships and Oterra we will be able to offer our customers access to the most extensive portfolio of natural colors in the world” said Greaves.
“We look forward to welcoming the Food Ingredient Solutions team to Oterra. They will join a strong team of dedicated natural color specialists from around the world, and their addition will be met with excitement, especially from our US employees as we further strengthen our US position” said Odd Erik Hansen, CEO, Oterra.
This transaction was signed and completed in December 2021. Lazard Middle Market and Capital One Securities served as co-financial advisors to Food Ingredient Solutions and Hill Ward Henderson served as legal counsel to Food Ingredient Solutions. Steve Weinberger & Associates LLC also advised Food Ingredient Solutions in the transaction. J.P. Morgan acted as financial advisor, Winston & Strawn and Accura as legal advisors, Alvarez & Marsal as transaction services and operational advisors, PwC as tax advisor and Accenture as tech advisor to Oterra and EQT.