Perdue AgriBusiness, a family-owned agri commodity processor, exporter and provider of agri services and logistics, has acquired the US business of private equity-backed Technology Crops International (TCI) to expand its speciality crops business.
TCI is an international business specialising in the contract growing and supply chain management of specialty crops for the nutritional, oleochemical and personal care industries. It is backed by Rural American Fund (RAF), a Chicago-based private equity firm which makes partnership investments in growing middle-market companies. RAF founder Tom Karlson serves as a TCI board member. In March 2014, TCI had an add-on acquisition of Premium Crops, a UK-based provider of premium and specialist crops.
Its principal products are derived from high erucic acid rapeseed (HEAR) and high oleic sunflower (HOSF) grown throughout the upper Midwest and mid-Atlantic states, according to the press release.
A company that has been working in agribusiness for more than 60 years, “acquiring the US business of TCI is an important strategic move for Perdue AgriBusiness and will complement and further expand Perdue’s development”, Dick Willey, Perdue president, said in a statement. “We are pleased to welcome the team of TCI who bring extensive grower and end market knowledge and relationships, and who will be transitioning to Perdue.”
Perdue and TCI have already been in partnership with TCI since 2011, Agri Investor learned.
“I am delighted that Perdue AgriBusiness has acquired our US operations. This investment in TCI will become a platform for significant future growth under Perdue’s leadership, as consumers and industry place more demands on the supply chain for specialty products,” Andrew Hebard, chief executive of TCI, said in a statement.
TCI has operations in the UK, US and Canada, providing local delivery locations for growers, customszed drying and cleaning services for specialty crops and logistics providers to transport crops from the farm.