Food tech company Benson Hill has announced the sales of the assets related to its Fresh business in a two-part transaction to IMG Enterprises for a price of US $21 million.
The divestiture will enable the company to focus on its ingredients business and meet the growing demand for its soybean product portfolio.
“We believe there is tremendous opportunity to grow our proprietary ingredients portfolio in the food, oil and aquaculture markets. Selling the Fresh business enhances our focus and further enables disciplined capital allocation in support of our strategic growth objectives,” said Dean Freeman CFO of Benson Hill.
“The acquisition of these assets and business is a perfect fit for our future growth plans,” said Timothee Sallin, Co-CEO of IMG Enterprises. “As a leading family-owned Florida agribusiness, our aim is to add value through vertical integration across the supply chain and diversification into new crops and market segments”.
The transaction is expected to be closed in the second quarter of 2023.
Source: Benson Hill