The deal is expected to close in early 2024 pending customary closing conditions and regulatory approvals.
“Revela has built a strong business around its unique range of dairy flavor ingredients and solutions for customers spanning major brands, retailers and food service. ADM has a strong presence in the North America savory flavors segment, and we’re excited to work with the impressive Revela team to expand our opportunities there, bringing their technology and innovation together with our global capabilities to power our unparalleled range of ingredients and complete solutions for customers who are looking for great flavors and clean labels,” said Calvin McEvoy, ADM’s president of global flavors in a statement.
A portfolio company of New Heritage Capital since 2019, Revela’s growth is attributed to its enzyme technology which develops a range of clean-label dairy flavor formulations for a wide range of applications including snacks, frozen meals, sauces, dressings and soups, seasonings and desserts.
“We are excited to partner with ADM to further Revela’s reputation as an innovative, turnkey provider of dairy flavor ingredients and solutions. We believe joining the ADM family will allow us to offer even broader solutions to our customers and will provide our employees with even greater opportunities for advancement,” said Terry Schneider, Revela’s chief executive officer.
ADM’s acquisition of Revela diversifies its North American savory and dairy flavors, complementing its previous acquisitions, most notably WILD Flavors for $3.1bn in 2014, and other specialized manufacturers, including Eatem Foods (savory), Florida Chemical Company and Erich Ziegler Citrus (citrus) and Rodelle (vanilla).
Ian Pinner, ADM’s president of nutrition business added, “ADM’s integrated business model and unparalleled production and product application expertise power a portfolio of customizable, complete nutrition solutions that no other company can match. Our flavors business is an important pillar of our nutrition growth strategy, and we are continuing to add to our flavors pantry to ensure we remain the partner of choice for customers around the globe.”