Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Western Polymer Corporation (“WPC” or “the Company”), an industry leading potato starch processor for the food, ingredients and industrial markets, in its acquisition by Ingredion, Inc. (NYSE: INGR), a leading provider of ingredient solutions to diversified industries.
WPC, a family-owned business founded in 1952, produces native and modified potato starches, and modified tapioca starch for food and industrial applications. The Company operates three U.S. manufacturing locations in Moses Lake, Washington; Fort Fairfield, Maine; and Grand Forks, North Dakota. The acquisition by Ingredion will expand WPC’s potato starch manufacturing capacity, enhance processing capabilities, and broaden its higher-value specialty ingredients business and customer base.
The Company is a market leader in taking potato byproduct and transforming it into a high value flavor-free and fragrance-free texturizer for the food industry. The WPC transaction highlights a continued robust M&A market in the ingredients and food solutions sector, as well as an increasing demand from large strategic buyers for market leaders with scarcity value and a localized supply chain.
“This transaction is further evidence of the ongoing consolidation occurring in the food and agriculture sector, particularly in the Eastern Washington region, as well as Cascadia’s longstanding commitment of time and resources to support and guide business owners facing key strategic decisions” noted Michael Butler, Cascadia Capital CEO.
“We’re excited to leverage the strengths of Western Polymer and Ingredion to continue developing high-quality ingredients that align with consumer trends and customers’ needs,” said Lynn Townsend-White, president and chief executive officer of Western Polymer. “By coming together now, this enables even greater reach for our ingredients and positions the business for continued growth.”
This acquisition represents another successful transaction for Cascadia in the Food & Agribusiness sector. Past transactions include Specialty Sales, LLC, California Natural Products, and Carolina Beverage.