Add-on Acquisition • Food

ADM Acquires FDL

On December 19, 2023, ADM acquired food company FDL from Highlander Partners

Acquisition Context
  • This is ADM’s 23rd transaction in the Food sector.
  • This is ADM’s 5th transaction in the United Kingdom.

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M&A Deal Summary

Date December 19, 2023
Target FDL
Sector Food
Buyer(s) ADM
Sellers(s) Highlander Partners
Deal Type Add-on Acquisition
Advisor(s) Rothschild Global Advisory (Financial)
DLA Piper (Legal)

Target Company

FDL

London, United Kingdom
FDL is a provider of customized specialty ingredients to the food, beverage, fragrance and chemical industries. FDL was founded in 1884 and is based in London, United Kingdom.
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Buyer Overview 1

Buyer

ADM

Chicago, Illinois, United States

Category Company
Founded 1902
Sector Agriculture
Employees42,383
Revenue 85.5B USD (2024)
DESCRIPTION
Entrance to ADM's corporate headquarters in downtown Chicago, Illinois.
Entrance to ADM's corporate headquarters in downtown Chicago, Illinois.

ADM is a processor of oilseeds, corn, wheat, cocoa, and other agricultural commodities and is a manufacturer of protein meal, vegetable oil, corn sweeteners, flour, biodiesel, ethanol, and other value-added food and feed ingredients. The Company also has a global grain elevator and transportation network to procure, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, and barley, as well as processed agricultural commodities. ADM was founded in 1902 and is based in Chicago, Illinois.


Deal Context for Buyer #
Overall 46 of 46
Sector: Food 23 of 23
Type: Add-on Acquisition 32 of 32
Country: United Kingdom 5 of 5
Year: 2023 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-18 Revela Foods

New Berlin, Wisconsin, United States

Revela Foods is a provider of dairy flavorings, cheese sauces, seasonings, and functional cheese. Revela Foods provides customers with a full-service cheese ingredient offering from product development through final manufacturing. Revela Foods was founded in 1986 and is based in New Berlin, Wisconsin.

Buy -

Seller Profile 1

SELLER

Highlander Partners

Dallas, Texas, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Highlander Partners LP is a private equity firm focuses on making both direct private equity and mezzanine investments in companies located in US and Europe. The firm seeks to target to invest in small and mid-size private companies with strong management teams, fundamentally strong operations and positive cash flows. HP looks to invest $10 to $50 million as an equity and $10 to $25 million in mezzanine financing in companies with revenues of $10 to $500 million and enterprise value up to $100 million. Specific areas of interest include manufacturing, food, healthcare products and services, and healthcare IT, retail and building materials. Types of transaction include buyouts, growth capital, divestitures, consolidation and recapitalization. Highlander Partners LP was formed in 2004 and is based in Dallas, Texas with additional office in Warszawa, Poland.


Deal Context for Seller #
Overall 28 of 31
Sector: Food 5 of 5
Type: Add-on Acquisition 18 of 20
Country: United Kingdom 2 of 2
Year: 2023 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-06 Bevolution Group

Chicago, Illinois, United States

Bevolution Group is a manufacturer and supplier of innovative beverage solutions, primarily selling clean label and preservative free smoothie bases, bar and cocktail mixes, juices, concentrates and other related beverage products into the foodservice channel. Bevolution Group was founded in 2015 and is based in Chicago, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-27 High Point Aerotechnologies

Dallas, Texas, United States

High Point Aerotechnologies is a provider of counter-uncrewed autonomous systems (CUxS) solution development across air, land, and maritime domains. High Point Aerotechnologies is based in Dallas, Texas.

Sell -