Stone Canyon Sells SCI Ingredients to Green Plains (GPRE) for $250M
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Stone Canyon Industries announced today that it has completed the sale of SCI Ingredients Holdings, Inc., and its wholly owned operating subsidiary, Fleischmann's Vinegar Company, Inc. (Fleischmann's Vinegar), to Green Plains Inc. (NASDAQ: GPRE) for $250 million. Fleischmann's Vinegar is the world's largest manufacturer and marketer of food-grade industrial vinegar.
Stone Canyon Industries acquired SCI in January 2015. During Stone Canyon's ownership, and under the direction of the Fleischmann's management team, the company experienced substantial growth in revenues and profits.
"I want to thank Ken Simril, President and CEO of Fleischmann's Vinegar, and his team for their successful stewardship of the company," said Adam Cohn, a founder and Co-CEO of Stone Canyon Industries. "We enjoyed partnering with Ken and the company, and are pleased they have found a great new home at Green Plains."
Mr. Simril said the company looks forward to transitioning to new ownership and continuing to pursue its various growth initiatives. "We experienced a great partnership with Stone Canyon and are proud of everything our teams have accomplished together," said Mr. Simril. "We have positioned Fleischmann's to benefit from current food industry trends such as health and wellness which will support our long-term profitability as we move to the Green Plains platform."
Fleischmann's Vinegar is an all-natural specialty ingredients company serving a range of markets and end-use applications. Headquartered in Cerritos, Calif., the company has approximately 112 employees, and operates seven manufacturing facilities located in Alabama, California, Illinois, Maryland, Missouri, New York, and Washington. The company also utilizes four distribution warehouses located in Oregon, California, Texas and Quebec, Canada.
BMO Capital Markets acted as financial advisor and Goodwin Procter LLP acted as legal advisor to Stone Canyon Industries and the selling shareholders of Fleischmann's Vinegar. XMS Capital Partners acted as financial advisor and Husch Blackwell LLP acted as legal advisor to Green Plains Inc.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Whirlpool (WHR) Announces U.S. Confirms Samsung and LG Dumped Washers
- Sibanye Gold (SBGL) to Acquire Stillwater Mining Company (SWC) in $2.2B Deal
- Iron Mountain (IRM) Received Requisite Approval to Sell C21 Data Services Ltd
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesBMO Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!