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Let’s TalkThe Andersons Inc. Acquires ACJ International in Missouri
The Andersons Inc., a U.S. agribusiness based in Ohio, United States, acquired ACJ International and its subsidiaries, headquartered in Missouri, United States, on July 11, 2023. ACJ is a provider of premium and nutritious pet food ingredients. The acquisition expands The Andersons’ physical presence in the central region of the United States.
Transaction Summary
The Facts of the Acquisition
- Target: ACJ International strives to be the premier ingredient, logistics, and supply chain management partner in the pet food and ingredient processing industry. It is based in Missouri, United States.
- Acquirer: The Andersons Inc. is a publicly listed U.S. agriculture company based in Ohio. It mainly deals in agricultural products, ethanol, and fertilizers. The company has been expanding into the pet foods segment.
Our Take on the Acquisition
The global pet food industry is worth USD $320 billion and is expected to reach USD $493 billion by 2030, a 54% increase, according to Bloomberg. Expanding its capabilities in this market with the acquisition of ACJ International (target) would benefit The Andersons (acquirer) as the market for pet food grows. The Andersons will have to make further investments in the target’s facilities to expand capabilities.
The Transaction
| Date: | July 11, 2023 |
| Price: | Undisclosed |
| Purpose: | To expand into the pet foods segment. |
| Acquirer’s Statement: | Weston Heide, senior vice president of The Andersons Trade and Processing – “The pet food industry continues to increase its demand for high-quality and responsibly sourced ingredients. This acquisition expands our portfolio of ingredients while also enhancing our supply chain services throughout the central region of the US to provide further support for our customers in the pet food markets.” |
Target/Seller: ACJ International
Company Information
| Target: | ACJ International |
| Website: | acjing.com |
| Founded: | 2008 |
| Industry: | Pet Food Manufacturing |
| Type: | Private, family owned |
| Employees: | 22 (Self-published on LinkedIn) |
| Locations: | Head Office: 6897 Lake St. Louis Blvd, Louis, Missouri, United States |
Product Information
| Services: | Dry Ingredient Blending – Pre-mixing dry materials to exact specifications Grinding – Grinding ingredients into powders Logistics – Transportation of products via rail or trucks Supply Chain Management – Handling all details for the transportation of goods Warehouse and Fulfillment – Storage and handling of food items. Packing to meet order size |
| Products: | Amino Acids – Organic compounds that combine to form proteins Yeast – Strains of yeast commonly used in baking Dairy – Food products made or derived from milk Emulsifiers – Food additives used to help mix two substances that otherwise separate when combined Fiber – Type of carbohydrate the body cannot break down or digest Flavors – Additives to add different tastes Fruits – U.S.-grown fruits Grains and Flours – Powders produced by reducing grains to small sizes Meats – Beef, chicken, lamb, salmon, turkey, and other meats Nuts – Pecans and peanuts Oils – Variety of cooking oils |
| Market Reach: | Missouri |
Financial Information
| Revenue: | USD $7.8 million (Unconfirmed Source: ZoomInfo) |
| Revenue per Employee: | USD $354,354 (i.e., USD $7.8 million / 22 employees = USD $354,354 – estimated based on the self-published number of employees and the revenue from ZoomInfo) |
Did You Know?
Dogs eat both plants and meat and require 37 essential nutrients. These are classified into six main nutrient groups: water, proteins, fats, carbohydrates, vitamins, and minerals. To achieve the right balance of nutrients, pet food manufacturers blend mixtures of ingredients, including meat and fish, vegetables, cereals, vitamins, and minerals to produce foods that will satisfy dogs’ nutritional requirements.
Target/Seller Overview: ACJ International
ACJ strives to be the premier ingredient, logistics, and supply chain management partner in the pet food and ingredient processing industry. It sources and supplies varieties of quality ingredients and offers them whole or ground and in bulk, totes or bags as required. Popular products include barley, yeast, peas, sweet potatoes, garbanzo beans, carrots, animal proteins, and animal meals. ACJ was founded in 2008 and is based in Missouri, United States.
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Explore Your Options NowBuyer/Acquirer: The Andersons Inc.
Company Information
| Buyer: | The Andersons Inc. |
| Website: | andersonsinc.com |
| Founded: | 1947 |
| Industry: | Agriculture |
| Type: | Publicly listed company |
| Employees: | 2,283 (Source: Pitchbook) |
| Locations: | Head office: 1947 Briarfield Blvd Maumee, Ohio, United States Colorado Trading Office #1: 1218 West Ash Street Suite A/B, Windsor, Colorado, United States Kansas Trading Office #2: 10975 Benson Dr., Overland Park, Kansas, United States Minnesota Trading Office #3: 41703 US Highway 2 SW, East Grand Forks, Minnesota, United States Nebraska Trading Office #4: 303 W. 19th Street, Kearney, Nebraska, United States Omaha Trading Office #5: 13625 California St. Suite 120, Omaha, Nebraska, United States New York Trading Office #6: 188 Genesee St. Suite 209, Auburn, New York, United States Trading Office #7: 582 New Loudon Rd., Latham, New York, United States Texas Trading Office #8: 810 Hester’s Crossing, Round Rock, Texas, United States Vermont Trading Office #9: 128 Lakeside Ave. Suite 108, Burlington, Vermont, United States Canada Trading Office #10: 494 WT Hill Blvd South, Suites 21, Lethbridge, Alberta, Canada Mexico Trading Office #11: Avenida Paseo Monte Miranda 16, Miranda, Queretaro, Mexico Romania Trading Office #12: Strada Siretului, Nr. 75, Constanta, Romania Switzerland Trading Office #14: Avenue de Rhodanie 40 D, Lausanne, Switzerland United Kingdom Trading Office #15: The Gallery Whittaker Avenue, Richmond, United Kingdom |
Product Information
| Services: | Farmer Services – Extensive selection of products and services that are vital to successful crop production Merchandising – Merchandising of carbon, corn, beans, wheat, meal, ethanol, feed ingredients, vegetable oil, propane, fuel products, wheat middlings, cottonseed, and pet food |
| Products: | Fertilizer – Low-salt, chloride-free liquid fertilizers Ethanol – Refined corn ethanol for use as fuel E-85 – Gasoline mixed with ethanol CO2 – Liquified CO2 and dry ice Corn Oil – Oil extracted from the germ of corn Renewable Diesel Feedstocks – Feedstock used to produce renewable or biodiesel Premium Ingredients – Ancient (non-modified) grains, pulses, edible beans, food corn, oats, organics, and pet food ingredients Turf – Next-generation fertilizers, soil amendments for turf, lawn, and landscape |
| Market Reach: | United States Europe Canada Mexico |
Financial Information
| Market Cap: | USD $1.58 billion (2023) |
| Revenue: | USD $17.3 billion (2022) |
| Revenue per Employee: | USD $7.6 million (i.e., USD $17.3 billion / 2,283 employees = USD $7.6 million – estimated based on the number of employees and the revenue from Pitchbook) |
| EBITDA: | USD $386.2 million (2022) |
| P/E Ratio: | 14.36 |
| EV/EBITDA Ratio: | 6.63 |
Buyer/Acquirer Overview: The Andersons Inc.
The Andersons was founded in 1947 as The Andersons Truck Terminal (ATT) by Harold and Margaret Anderson. ATT focused on grain elevators and a rail transfer station. In the 1950s, the company expanded its grain terminals and began fertilizer blending and then corn milling. In the 1960s, it entered the lawn products business. In the 1980s, continuing the growth of the 1970s, The Andersons opened a liquid fertilizer facility. In 1996, the company was listed on NASDAQ as it reached sales of USD $1 billion. In the 2000s, it entered the ethanol business.
The Andersons is a publicly listed agriculture company expanding into the pet foods segment.
Previous Acquisitions by The Andersons Inc.
- Lansing Trade Group (2018) – A food trading company based in Kansas, United States
- Purity Food (2017) – A supplier of organic food products in North America and internationally, based in Michigan, United States
- Nature’s Legacy (2017) – An organic and conventional ancient grains processor based in Michigan, United States
- Auburn Bean & Grain (2014) – Owner and operator of grain elevators in Michigan, United States
- Cycle Group (2013) – A manufacturer and seller of inert granules based in North Carolina, United States
- Mile Rail (2013) – A rail service company based in Missouri, United States
- Thompsons Limited (2013) – Integrated supplier of value-added agriculture products and services in Ontario, Canada
- Mt. Pulaski Products (2012) – Mt. Pulaski Products engages in custom grinding and pelletizing biomass crops and is based in Illinois, United States
- New Eezy Gro (2012) – Manufacturer of fertilizer products, based in Ohio, United States
- Immokalee Farmers Supply (2011) – Supplier of crop protection chemicals to the specialty vegetable market. The company is based in Florida, United States
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