Ardent Mills expanding its acquisition into legumes such as chic
On February 25, Ardent Mills LLC announced that it is acquiring nearly all of the business operations of Hinrichs Trading Co. (HTC), a significant player in the North American chickpea market, as another move to strengthen the company’s position in the specialty ingredients market.
According to Ardent Mills, the acquisition is a component of a strategic growth plan to expand on its current flour milling business and diversify its portfolio of customer solutions. The companies anticipate the transaction to close in April, but they are currently conducting due diligence. Following completion, The Annex, Ardent Mills’ specialty ingredient company, will merge with the HTC business.
Hinrichs Trading Co. is based in Pullman, Washington, and has five locations in Montana and Washington. The business contracts with long-term growers throughout the US production areas to produce chickpeas, or garbanzo beans.
Hinrichs Trading Co., a family-run business, has been producing and supplying chickpeas since the ingredient’s initial introduction to the US market more than 30 years ago.
Chief executive officer of Ardent Mills Dan Dye stated, “Ardent Mills and Hinrichs Trading Co. share a strong commitment to our growers, customers, team members, communities, and to growth and innovation.” “The two organizations share common values and have a strong cultural alignment. We are excited to include the gifted Hinrichs Trading Co. team into the Ardent Mills household.
The business combination will make it easier to satisfy consumers’ growing demands for plant-based and specialty ingredients, according to HTC CEO Phil Hinrichs.
He stated, “We were searching for a partner with the know-how to advance the chickpea industry and create new prospects for our team members and growers.” Among them is Ardent Mills. They offer access to new markets, operational and technological know-how, and the capacity for rapid and sustainable scaling. Hinrichs Trading Co. balances that with our deep expertise in chickpea sourcing and our incredibly close relationships with growers.
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The deal, according to Ardent Mills, is another step in the company’s commitment to the advancement of plant genetics and specialty ingredients. The company’s division that focuses on these areas is called The Annex. The Annex now includes Andean Naturals’ February 2020 quinoa operations, an organic grain elevator in Klamath Falls, Oregon, and expanded capacity in its Denver RiNo community mill for cleaning and packing specialty grains.
The market for plant-based food and beverages “shows no sign of slowing down,” according to Shrene White, general manager of Ardent Mills’ The Annex. “In fact, we’re still seeing a lot of growth as consumers seek out foods that reflect their unique values, both planetary and personal. To satisfy this need, Ardent Mills has taken the initiative to invest. We will be able to provide our clients with a variety of chickpea solutions right away thanks to this possible endeavor.
Apart from its 35 flour mills, The Annex by Ardent Mills boasts a specialized bakery, two mix facilities, a gluten-free facility, and a committed team that focuses on plant-based ingredients and specialty grains. The Annex offers quinoa, heirloom and ancient grains, chickpeas, gluten-free, organic grains and flours, and novel products like Sustagrain High-Fiber Barley, White Sonora, and heirloom wheat.