Tate & Lyle Announces the Completed Sale of Controlling Stake in New Company and Subsidiaries

Tate & Lyle announced that on 1 April 2022 it completed the sale of a controlling stake in a new company and its subsidiaries (previously referred to as NewCo, now called “Primient”), comprising its Primary Products business in North America and Latin America and its interests in the Almidones Mexicanos S.A de C.V and DuPont Tate & Lyle Bio-Products Company, LLC joint ventures, to KPS Capital Partners, LP (“KPS”). KPS now holds a 50.1% interest in Primient and has Board and operational control. Tate & Lyle now holds a 49.9% interest in Primient.

Nick Hampton, CEO of Tate & Lyle, commented: “The completion of this transaction represents the start of a new and exciting chapter for our business. Tate & Lyle is now transformed into a purpose-led, growth-focused global food and beverage solutions business, serving faster growing specialty markets. Over the last four years we have created a strong platform for growth. As a more focused business we will enhance the way we serve our customers and accelerate growth through increased investment in R&D, innovation and solutions development. The trend towards healthier food is accelerating, and with our leading positions in sweetening, mouthfeel and fortification, we are well-positioned to meet growing consumer demand for food and drink that is lower in sugar, calories and fat, and with added fibre. We thank the team at Primient for their outstanding contribution to Tate & Lyle and look forward to working closely with them in the future to ensure the success of both businesses.”

Michael Psaros, Co-Founder and Managing Partner of KPS Capital Partners, said: “KPS is pleased to have acquired a controlling interest in Primient. Over the past several months KPS and Tate & Lyle have worked closely together to establish Primient as an independent enterprise. Primient is now poised for success as a leading, independent and focused manufacturer of critical corn-derived ingredients for both food and industrial markets. We look forward to working closely with Primient’s management team to improve the new company’s assets and operations, accelerate the company’s organic growth initiatives and pursue synergistic acquisitions.”