New York–(work wireFlorida Food Products (“FFP” or the “Company”), one of the world’s largest independent suppliers of natural ingredients, today announced that it has reached an agreement to acquire the Javo Beverage Company (“Javo”) under usual closed conditions. Javo is a leading natural extract of coffee, tea and plants with a focus on beverage applications. Javo is widely known for its unique extraction capabilities that facilitate the delivery of exceptional cold coffee solutions to industry-leading consumer brands, manufacturers and restaurants.
FFP is a leading innovator, formular, and producer of clean label ingredients from natural sources. The company’s products provide nutrition, improve texture and flavor, extend shelf life, and ultimately provide consumers with clean labels and natural products. FFP is one of the largest independent suppliers of clean label ingredients, and the company’s portfolio focuses exclusively on natural solutions. Today, FFP’s range of natural ingredients has applications in every segment of the food and beverage industry, along with a rapidly growing presence in the health and wellness category.
In 2021, Ardian, the world’s leading private equity firm, acquired a majority stake in FFP from MidOcean Partners (“MidOcean”) and created a new partnership to accelerate FFP’s long-term growth goals. Under this partnership, FFP has completed the acquisition of Comax, T-Bev and now Javo. Powered by the Ardian and MidOcean teams, FFP has expanded significantly and more than doubled over the past year, with revenue approaching $300 million.
The addition of Javo diversifies the FFP portfolio, adding a number of exciting new natural ingredients, while significantly enhancing its growth profile. FFP plans to leverage its expanded capabilities to offer innovative solutions that provide consumers with great taste and clean branded products with the healthy and transparent attributes they desire. As part of FFP’s growth plans, the company continues to expand its talented executive team, accelerate its investment in innovation, and enhance its capabilities and services with new facilities, equipment and locations.
“We are thrilled to have Javo join the FFP platform. Best-in-class Javo products are backed by a talented team and unique manufacturing capabilities that will drive a series of innovative new product launches. As part of the FFP family, we are confident that Javo It can offer our customers compelling new solutions based on our deep range of clean label ingredients.”
● Jim Holdrett ● CEO of FFP
“Our investment in Javo is a testament to the differentiated capabilities and resources that Ardian has brought to the FFP platform. As we move forward, the FFP team will be able to further leverage our extensive experience in the ingredients sector to efficiently assess new opportunities and be the preferred buyer for the natural ingredients business.”
● Thibault Baquin ● Deputy Head of the Jordanian Procurement Team
Javo is a fantastic organization, which will play an important role in our continued expansion in the beverage category. Javo’s innovative products complement FFP’s range of natural ingredients and will position the company for rapid growth. We intend to continue our strategy to build the world’s largest independent provider of clean label ingredients by expanding our portfolio of best-in-class products, acquiring additional business for clean label ingredients, and investing in our talented team, advanced facilities, and innovative pipeline. “
● Christopher Sand ● Managing Director in the Jordanian Procurement Team
The addition of Javo to the FFP platform is a continuation of the exceptional growth we have seen since our initial investment in 2018, and strengthens our position in natural beverage ingredients and solutions. Building on the solid foundation we’ve built over the past four years, FFP is poised to dramatically increase its size as it launches exciting new systems and expands into a series of high-growth contiguous areas. We are pleased to continue our partnership with Jim Holdrieth, the FFP management team, and Ardian as we move forward in this exciting new phase for FFP. “
● Stephen Loeffler ● Main in Mediterranean Partners
The transaction is expected to close in the third quarter of 2022. Houlihan Lokey served as Javo’s exclusive financial advisor. Terms of the deal were not disclosed.
Ardian is the world’s leading private investment firm, managing or advising $130 billion in assets on behalf of more than 1,300 clients globally. Our extensive experience, spanning private equity, real estate assets and credit, allows us to offer a wide range of investment opportunities and respond flexibly to our clients’ various needs. With Ardian Custom Solutions, we create custom portfolios that allow institutional clients to select the exact mix of assets they need and access funds managed by prominent external sponsors. We also provide a specialized service for private clients through Ardian Private Wealth Solutions. Ardian is majority owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. With over 900 employees spread across 15 offices in Europe, the Americas and Asia, they are deeply committed to the principles of responsible investing and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance accompanied by high ethical standards and social responsibility.
At Ardian, we invest all of ourselves in building companies that last.
About Medosin Partners
MidOcean Partners is a leading alternative asset management firm based in New York that specializes in mid-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality mid-market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages a series of alternative credit strategies, secured loan commitments (CLOs) and separately managed accounts.
About Florida Food Products
Founded in 1954, Florida Food Products is the world’s largest independent provider of natural ingredients. FFP formulates and produces innovative clean label fruit, vegetable and vegetable ingredients serving the foods, beverages and health markets. The company’s products offer compelling alternatives to chemically derived ingredients and can enhance things like taste, texture, shelf life, moisture, and color. The company operates across the country and partners with some of the most respected consumer brands, manufacturers, and food service providers. For additional information, please visit the Florida Food Products website.