Novacap Buys Idaho Pacific Holdings

Novacap Industries has acquired Idaho Pacific Holdings, a unit of Otter Tail Corp. The deal closed May 6. Financial terms were not announced. Idaho Pacific makes dehydrated potato products that are used in the industrial food and baking industries. Novacap is a Canadian PE firm. News of the sale was disclosed by Harris Williams which advised IPH.


Harris Williams & Co. announces the sale of Idaho Pacific Holdings, Inc. (IPH), a subsidiary of Otter Tail Corporation, to Novacap Industries III, LP (Novacap). The transaction closed on May 6, 2011. Harris Williams & Co. acted as the lead advisor to IPH.  The transaction was led by Tim Alexander, Glenn Gurtcheff, Jeff Cleveland and Brant Cash from the firm’s Consumer Group in Minneapolis.

“IPH is an industry leader serving blue-chip customers across the ingredient, foodservice, and export markets. The company’s broad product offering and operations that span multiple potato growing regions provide unmatched stability and a strong platform for growth,” said Tim Alexander, managing director at Harris Williams & Co.

“IPH is an industry leader with a skilled and experienced management team,” said Domenic Mancini, general partner at Novacap.  “The Company is known for the quality of its products and of its customer service. With the successful track record of IPH, Novacap is excited to partner with the company’s management team and support them in realizing the full potential of IPH’s growth strategies.”

“We continue to see strong M&A deal flow in the food and beverage market, with both strategic and financial buyers attracted to the solid fundamentals and long-term growth dynamics of the sector,” added Glenn Gurtcheff, managing director and head of Harris Williams &Co.’s Consumer Group.

IPH specializes in the manufacture of dehydrated potato products for the use of ingredients in the industrial food and baking industries as well as a full line of dehydrated potato products for the foodservice industry. IPH is recognized as one of the premier potato dehydration companies in the industry. IPH is headquartered in Ririe, ID and operates production facilities in Idaho, CO, and Prince Edward Island.

Otter Tail Corporation has interests in diversified operations that include an electric utility, manufacturing, health services, food ingredient processing, and infrastructure businesses, which include plastics, construction, and transportation. Otter Tail Corporation stock trades on the NASDAQ Global Select Market under the symbol OTTR.

Novacap is a leading private equity group that was established in 1981. Novacap manages over $750 million in capital. Its mission is to build world class companies that can dominate a market niche and compete successfully anywhere in the world.

Harris Williams & Co. (, a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is the premier middle market advisor with a two-decade legacy of sell side excellence serving clients worldwide. The firm is focused exclusively on the middle market providing sell side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorised and regulated by the Financial Services Authority.  Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.

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