Paine & Partners, LLC, a New York-based private equity investment firm dedicated to investing in food and agribusiness, entered into a definitive agreement to acquire The Global ID Group, a platform dedicated to providing food safety and food quality solutions in the food industry.
Headquartered in Fairfield, Iowa, with additional locations across Europe and South America, Global ID maintains a diversified base of more than 15,000 blue-chip customers across more than 100 countries. The company is comprised of Genetic ID, CERT ID and FoodChain ID segments, which together provide a comprehensive suite of food testing, food certification and supply chain compliance software and service solutions.
Ken Ross, chief executive officer of Global ID, will continue to lead Global ID's operations.
"Since our founding, Global ID has been at the forefront of the rapidly evolving and demanding food safety industry,” adds Ross. “As we look toward the future, we see significant opportunities for us to build on our strong foundation, as demand for food safety and quality continues to increase. In Paine & Partners, we have a partner whose experience in the agribusiness industry and resources can help us achieve our growth plans, as we enter the next phase of our development. We thank our employees for their continued hard work and commitment to providing our customers with the world-class testing and certification services they expect from us."
"We have seen the increasing focus on food safety at several of our portfolio companies firsthand, which led to our team strategically developing a deep understanding of the food safety and testing sector,” says Angelos Dassios, partner of Paine & Partners. “As one of the largest food and agribusiness focused private equity firms, we intend to be a strong, value-added partner to Global ID. Given rising consumer awareness, the globalization of the food chain and the increasing complexity of the regulatory environment, we see strong tail winds that will support Global ID's growth as an industry leader. We are enthusiastic about partnering with the Global ID management team to achieve their organic growth and acquisition ambitions, and look forward to capturing the opportunities that lay ahead."