M&A Deal Summary

ADM Acquires Revela Foods

On December 18, 2023, ADM acquired food company Revela Foods from New Heritage Capital and Five Points Capital

Acquisition Highlights
  • This is ADM’s 22nd transaction in the Food sector.
  • This is ADM’s 20th transaction in the United States.
  • This is ADM’s 3rd transaction in Wisconsin.

M&A Deal Summary

Date 2023-12-18
Target Revela Foods
Sector Food
Buyer(s) ADM
Sellers(s) New Heritage Capital
Five Points Capital
Deal Type Add-on Acquisition

Target

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.

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Buyer(S) 1

Buyer

ADM

Chicago, Illinois, United States

Category Company
Founded 1902
Sector Agriculture
Employees40,213
Revenue 93.9B USD (2023)
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 STATS #
Overall 45 of 46
Sector (Food) 22 of 23
Type (Add-on Acquisition) 31 of 32
State (Wisconsin) 3 of 3
Country (United States) 20 of 20
Year (2023) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-05 Buckminster

Macatuba, Brazil

Buckminster is a glycerin that has a broad array of uses as a component of industrial and consumer products. Buckminster was founded in 1999 and is based in Macatuba, Brazil.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-19 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.

Buy -

Seller(S) 2

SELLER

New Heritage Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

New Heritage Capital LLC is a private investment firm specializing in the acquisition and equity-based recapitalization of private, family owned businesses. Heritage looks to invest in growing, middle-market companies with at least $30 million in annual revenue and EBITDA of at least $4 million. Target sectors include aerospace, consumer products, food/beverage, media/publishing, healthcare, manufacturing, pet products, plastics/packaging, printing, and value-added distribution. New Heritage Capital LLC was formed in 2006 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 21 of 22
Sector (Food) 2 of 2
Type (Add-on Acquisition) 9 of 9
State (Wisconsin) 1 of 1
Country (United States) 18 of 19
Year (2023) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-01 Flying Colours

Peterborough, Ontario, Canada

Flying Colours is an aviation services company, that provides aircraft completions and maintenance services. Flying Colours specializes in all mid to large-sized business aircraft, including the bombardier global express and challenger families, dassault falcon, beechcraft/hawker and gulfstream models. Flying Colours was founded in 1989 and is based in Peterborough, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-19 Brilliant

San Francisco, California, United States

Brilliant offers a broad suite of solutions for corporate gifting and branded merchandise, a powerful technology platform, full-service creative development and a global fulfillment infrastructure providing worldwide reach to its customers. Brilliant was founded in 2015 and is based in San Francisco, California.

Buy -
SELLER

Five Points Capital

Winston-Salem, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Five Points Capital makes both direct private equity and junior capital investments in US-based middle-market companies. Five Points prefers control based investments and will consider opportunities in a variety of industries. For both equity and mezzanine investments, the Firm looks to commit $5 to $25 million of capital in businesses with at least $10 million in sales and $3 million of EBITDA. Five Points Capital was formerly known as BB&T Capital Partners and re-branded in 2015. The Firm was established in 1997 and is based in Winston-Salem, North Carolina.


DEAL STATS #
Overall 55 of 58
Sector (Food) 1 of 1
Type (Add-on Acquisition) 22 of 24
State (Wisconsin) 2 of 2
Country (United States) 55 of 58
Year (2023) 4 of 4
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
2024-02-20 SEAM Group

Beachwood, Ohio, United States

SEAM Group provides an unparalleled approach to strategic enterprise asset management, ensuring a safe environment while achieving improved utilization, enhanced performance and reliability all while reducing costs. SEAM specializes in electrical safety, predictive maintenance programs, reliability consulting and repair services; each supported by patented software systems ensuring program metrics. SEAM Group was formed in 1993 and is based in Beachwood, Ohio.

Sell -