December 2020FoodChain ID Announces Recapitalization with Berkshire Partners
DEERFIELD, Ill., December 9, 2020 – FoodChain ID, a global leader in food safety, testing and sustainability, today announced that it has entered into a recapitalization transaction with Berkshire Partners, a Boston-based investment firm. Terms of the transaction were not disclosed.
FoodChain ID provides the food industry with technology-enabled safety, quality, and sustainability solutions to navigate the New Food Economy. Its offerings provide the data, technologies, and tools necessary to meet growing demand for higher levels of transparency, accountability, safety, and sustainability across the supply chain. FoodChain ID’s focus areas include food safety, organic and non-GMO verification and testing, and regulatory compliance.
"We are excited to collaborate with Berkshire Partners through the next chapter of our growth," said Brad Riemenapp, Chief Executive Officer of FoodChain ID. "The Berkshire team understands our business well and shares our vision for the future. My team and I look forward to continuing to support our customers with an expanding suite of global food safety and quality solutions.”
"FoodChain ID plays a critical role in the food economy, helping its customers manage complex supply chains and regulatory requirements so that consumers around the world can have confidence about the quality and safety of the food they eat every day," said Blake Gottesman, Managing Director of Berkshire Partners. “We’re thrilled to partner with Brad and his team to drive the next phase of FoodChain ID’s growth, including through strategic acquisitions.”
Berkshire Private Equity acquired its position in the company from Paine Schwartz Partners.
Houlihan Lokey and Morrison & Foerster LLP advised FoodChain ID, and Baird, Covington & Burling LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Berkshire Partners on the transaction.
About FoodChain ID
Founded in 1996 and headquartered in Deerfield, Illinois, FoodChain ID has a global presence and provides technology-enabled food safety, quality and sustainability solutions that address challenges and opportunities in the rapidly evolving food industry. Serving more than 30,000 customers in over 100 countries with a market-leading portfolio of testing, inspection, certification, and compliance solutions, FoodChain ID helps companies navigate the increasingly regulated global food economy with greater levels of transparency, accountability, safety and sustainability. Founded as a pioneer of the GMO food identification industry, the company’s services now include clean label, food safety, and sustainability claims; food safety certifications; regulatory compliance solutions; and testing.
About Berkshire Partners
Berkshire Partners, a Boston-based investment firm, has made more than 130 private equity investments since its founding over 30 years ago. Berkshire Private Equity has developed sector experience in multiple areas including business services & technology, communications, consumer, healthcare and industrials. The firm has a strong history of partnering with management teams to grow the companies in which it invests. For additional information, and to see a full list of the firm’s investments, visit www.berkshirepartners.com.
Source: Business Wire
Title: FoodChain ID Announces Recapitalization with Berkshire Partners
Date Published: December 9, 2020
Date Accessed: December 9, 2020