ADM has announced it has reached an agreement to acquire a 75% ownership stake in PetDine, Pedigree Ovens, The Pound Bakery and NutraDine (P4 Companies), providers of private label pet treats and supplements.
The transaction values the four enterprises in their entirety at approximately $600 million, and ADM will acquire 75% of the equity, subject to customary adjustments.
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ADM will also acquire P4’s 300,000-plus square feet of production and innovation facilities in Illinois and Colorado. In addition, the agreement includes a put/call option under which the parties could agree for ADM to purchase the remaining 25% at an agreed-upon market price in the coming years.