Westchester, IL — Ingredion Inc. has entered into a stock purchase agreement to acquire all outstanding shares of privately-held Tic Gums, Inc., White Marsh, MD which makes advanced texture systems for the food and beverage industry. This will complements Ingredion’s expertise in starch technology, opening the door to new texture solutions, says the company. The acquisition was approved by Ingredion’s board of directors as well as Tic Gum’s shareholders and is expected to close by the end of the year. The $400 million cash transaction is expected to be funded with available cash and short-term credit.
“TIC Gums has grown significantly over the past several years through its deep R&D expertise and a differentiated and focused approach to the customer experience,” explained Ilene Gordon, Ingredion chairman and CEO in a press release. “The team has an excellent track record in developing and delivering proprietary, customized systems. This acquisition propels us into a new era of on-trend texture development with even more solutions for organic and clean-label demands.”
“By coming together, we will truly be able to focus on the correct technical solutions for our customers whether they be starch, gum or systems containing both,” said TIC Gums President Gregory Andon in a press release. “Ingredion’s global footprint will enable us to achieve our geographical expansion goals much faster than we otherwise could on our own. We believe our business model strength in clean-label formulation with the most dynamic players in the food and beverage space has significant untapped potential on the global stage.”