FORT COLLINS — Archer Daniels Midland Co. (NYSE: ADM) bought a 75% stake in PetDine LLC and three related companies for $450 million.
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Brief items in the Chicago Business Journal and on Nasdaq’s website, drawing from an RTT Financial Newswire report said the deal includes the parent firm; baking unit Pedigree Ovens in Illinois; dog treat maker the Pound Bakery; and NutraDine, PetDine’s ingredients provider offering nutrient and additives upgrades to third-party, private-label pet food products PetDine makes for clients.
The buy also covers PetDine’s 300,000 square feet of manufacturing space in Northern Colorado and at the baking facility in Harvard, Illinois. The company has about 300 workers and makes baked and semi-moist treats and soft chews, as well as blends, proteins, liquids and powders for pets.
PetDine CEO Preston Munsch said in an ADM press release the PetDine companies, “have become clear leaders” in pet supplements and treats. Preston’s father Ken bought the company six years ago when it was a tiny maker of pet treats. The Munsch family are long-time Fort Collins residents and business owners.
ADM’s press release said it holds an option whereby it could eventually buy the rest of PetDine.
In the release, ADM Nutrition president Vince Macciocchi said global pet food sales will grow 27% to $140 billion in five years. He said ADM considers “the humanization of pets” — owners buying food for pets as if the animals were human — “as an important growth trend.”
ADM has $75 billion in trailing twelve months revenue and a $33 billion market cap.
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