Private equity investment firm Paine & Partners has entered into an agreement to acquire food safety and food quality solutions platform Global ID Group.
However, financial details of the transaction were not disclosed.
Headquartered in Fairfield, Iowa, Global ID has a diversified base of more than 15,000 blue-chip customers across over 100 countries.
The company’s three segments include Genetic ID, CERT ID, and FoodChain ID, which offer a suite of food testing, food certification and supply chain compliance software and service solutions.
Following the completion of the transaction, Global ID chief executive officer Ken Ross and the company's executive team will continue to lead its operations.
Ross said, "Since our founding, Global ID has been at the forefront of the rapidly evolving and demanding food safety industry. As we look toward the future, we see significant opportunities for us to build on our strong foundation, as demand for food safety and quality continues to increase.
“In Paine & Partners, we have a partner whose experience in the agribusiness industry and resources can help us achieve our growth plans as we enter the next phase of our development.”
The private equity firm focuses on complex investment opportunities in the fast-growing, dynamic global food and agribusiness sectors. Currently, it invests through an $893m fund, which is solely dedicated to agribusiness investing.
Paine & Partners partner Angelos Dassios said: “We have seen the increasing focus on food safety at several of our portfolio companies firsthand, which led to our team strategically developing a deep understanding of the food safety and testing sector.”
Earlier this month, UK-based supplier of milk and dairy ingredients Meadow Foods raised funds from Paine & Partners to grow its business through organic expansion and acquisitions.
