Platinum Equity acquires Lentz Milling Company in US

Investment company Platinum Equity has acquired US-based food ingredients distributor Lentz Milling Company for an undisclosed price.

Based in Reading, Pennsylvania, Lentz distributes food ingredients to a wide range of customers, including food manufacturers, retail, and commercial bakeries located across ten states in the US.

The company mainly offers bakery-related products such as flour, sugar and sweeteners, bakery mixes, shortenings, and fillings.

Platinum Equity will be combining its newly acquired business with JM Swank, which was acquired in 2016 by the investment company from ConAgra Foods.

JM Swank operates a food ingredient sourcing and distribution business, which is based in North Liberty, Iowa.

Lentz Milling Company president Ted Lentz said: “This transaction will allow us to continue running our existing operations while providing greater access to capital and an expanded product line that we can offer to both new and existing customers.”

The investment company intends to further expand JM Swank business through organic means as well as through mergers and acquisitions.

Platinum Equity principal Adam Cooper said: “Following the carve-out from ConAgra, JM Swank is an outstanding platform for growth as a standalone company.

“We are pleased that Ted has confidence in our ability to support Lentz Milling in the next chapter of its evolution and we are actively seeking other similar opportunities to broaden JM Swank’s reach and expand its capabilities.”