Harris Williams Advises Denali Ingredients on its Pending Sale to Orkla Food Ingredients, a Subsidiary of Orkla ASA
October 03 2022 - 4:43PM
Business Wire
Harris Williams, a global investment bank specializing in
M&A advisory services, announces it is advising Denali
Ingredients, a privately held, family-owned company, on its pending
sale to Orkla Food Ingredients (OFI), a business area of Orkla ASA
(Orkla). Denali Ingredients is a leading provider of custom
specialty ingredients for the ice cream and frozen novelty
industry. The transaction is being led by Brant Cash, Andy Warczak
and Cam Cornwell of the Harris Williams Consumer Group.
“The specialty ingredients sector continues to see strong
interest from both strategic buyers and private equity investors,”
said Andy Warczak, a director at Harris Williams. “The ice cream
and frozen novelty category is an attractive space that performs
well through economic cycles, and with an industry-leading
reputation for innovation and quality products, Denali Ingredients
is well-positioned to continue to drive growth as a company and for
the category as a whole.”
“We continue to see a lot of interest in U.S. food and beverage
businesses from European ingredient companies looking to expand
their access to the U.S. market,” added Brant Cash, a managing
director at Harris Williams. “Denali Ingredients’ longstanding
partnerships with marquee customers and its highly responsive and
innovative R&D team were very attractive to the market. We are
excited about this next phase of growth for Denali Ingredients,
which through its partnership with OFI, brings additional
innovative products and world-class capabilities to further enhance
its value proposition.”
“We are very pleased to become a part of OFI, and we look
forward to continuing to assist our customers in their quest to
innovate in the ever-changing food sector. The guidance that we
received from Brant, Andy, Cam, and the rest of the Harris Williams
team throughout this process has been invaluable, and I credit them
with getting us to the finish line,” said Neal Glaeser, president
and CEO of Denali Ingredients.
Wisconsin-based Denali Ingredients is a leading supplier of
fudge, caramel, peanut butter, and fruit variegating sauces;
flavors and flavor bases; fruit puree and packs; baked inclusions;
extruded doughs; flakes; and other ingredients for the dairy, ice
cream, bakery, and food service industries. Denali Ingredients is a
sister company to Michigan-based Denali Flavors, Inc., one of the
leading inventors and marketers of specialty flavors for the ice
cream industry, including its signature flavor, Moose Tracks®.
OFI is the leading bakery ingredients player in the Nordic
region, in addition to holding growing market positions in selected
countries in Europe. Its biggest product categories are bakery and
ice cream ingredients, margarine and butter blends, marzipan, and
plant-based food products. OFI has sales and distribution companies
in 22 countries, ensuring proximity to bakeries and other
industrial customers.
Orkla is a leading supplier of branded products and concept
solutions to the consumer, catering, and bakery markets in the
Nordic, Baltic, and selected markets in Central Europe and India.
The company is listed on the Oslo Stock Exchange and is
headquartered in Oslo, Norway. In 2021, the group had a turnover of
NOK 50.4 billion, and has approximately 21,500 employees.
Harris Williams, an investment bank specializing in M&A
advisory services, advocates for sellers and buyers of companies
worldwide through critical milestones and provides thoughtful
advice during the lives of their businesses. By collaborating as
one firm across Industry Groups and geographies, the firm helps its
clients achieve outcomes that support their objectives and
strategically create value. Harris Williams is committed to
execution excellence and to building enduring, valued relationships
that are based on mutual trust. Harris Williams is a subsidiary of
the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams Consumer Group has completed transactions
across a variety of verticals, including branded consumer products;
consumer services; food, beverage and agribusiness; and restaurant
and retail. For more information on the Harris Williams Consumer
Group and recent transactions, visit the Consumer Group’s section
of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of
FINRA and SIPC. Harris Williams & Co. Ltd is a private limited
company incorporated under English law with its registered office
at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered
with the Registrar of Companies for England and Wales (registration
number 07078852). Harris Williams & Co. Ltd is authorized and
regulated by the Financial Conduct Authority. Harris Williams &
Co. Corporate Finance Advisors GmbH is registered in the commercial
register of the local court of Frankfurt am Main, Germany, under
HRB 107540. The registered address is Bockenheimer Landstrasse
33-35, 60325 Frankfurt am Main, Germany (email address:
hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery
H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a
trade name under which Harris Williams LLC, Harris Williams &
Co. Ltd and Harris Williams & Co. Corporate Finance Advisors
GmbH conduct business.
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