Highlander Partners’ Portfolio Company Acquires Dietrich’s Specialty Processing
BRIDGETON, MO (March 29, 2011) – Highlander Partners, L.P., an investment firm focused on making private equity investments in middle-market companies, today announced that a subsidiary of its majority-owned portfolio company, PCI Company (d/b/a “SensoryEffects®”), has acquired substantially all the assets of Dietrich’s Specialty Processing (“Dietrich”) in an auction sale under Section 363 of the Bankruptcy Code.
Dietrich is a provider of high quality, customized spray-drying services located outside of Reading, PA. It has state-of-the-art processing and control capabilities including tall form dryers, evaporators and liquid and powder handling equipment. This acquisition will bring new processing capabilities to SensoryEffects®, including dairy based ingredients for the growing Health and Wellness category. Due to the capabilities of the acquired assets, this transaction will also enhance SensoryEffects® Powder Systems’ manufacturing efficiencies.
Charles Nicolais, President and CEO of SensoryEffects® said, “This acquisition furthers our ability to deliver customized food and beverage ingredients and products by expanding our capabilities and capacity. SensoryEffects® will now possess specialty spray drying capabilities across three production sites: Defiance, OH, Bridgeton, MO and now Reading, PA. With the growing demand for value-added powder systems, we now have multiple processing options to choose from when solving our customer’s problems. In addition, with the dairy handling capabilities of the Dietrich plant, we will be able to customize new dairy-based ingredient solutions for our customers in the health and wellness category. This site will be integrated into the SensoryEffects® Powder Systems business while maintaining the existing management team to facilitate a seamless transition for our valued customers and set the stage for continued growth.”
SensoryEffects® has experienced rapid growth organically and through acquisitions since Highlander provided seed funding in 2006 and, together with the company’s management team, Highlander is committed to continuing its strategy to build a leading food solution company focused on a high level of customer service, an innovative research and development approach and dedication to product quality and integrity.