Stone Canyon Sells SCI Ingredients to Green Plains (GPRE) for $250M
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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.
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