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Novacap sells Idaho Pacific to food and ag investor Arlon

Canadian private equity firm Novacap has sold Idaho Pacific Corp, a specialist in dehydrated potato products, to Arlon Group, a U.S. food and agriculture investment firm. The deal’s financial terms were not released. Based in Ririe, Idaho, Idaho Pacific operates production facilities in its home state, Colorado and Prince Edward Island. It has been backed by Novacap’s third industries fund since May 2011. Novacap said Idaho Pacific’s new partnership with Arlon will help take the business to the next level in the North American market. In May, Novacap closed its fourth industries fundNovacap Industries IV, at $470 million in committed capital.

PRESS RELEASE

NOVACAP Announces Sale of Idaho Pacific to Arlon Group

Montreal, July 6, 2016 – NOVACAP, a Canadian leader in private equity, announced today that they have sold Idaho Pacific, a company specializing in dehydrated potato products (“IPH”) to Arlon Group (“Arlon”), a food and agriculture investment firm with a global network that supports investments across the entire food supply chain in the Americas. IPH has been a portfolio company of the NOVACAP Industries III fund since May 2011.

“From our acquisition of IPH in 2011 and the value creating investments that followed, NOVACAP, along with the management team, have built IPH into a major player in the dehydrated potato sector”, said Domenic Mancini, Senior Partner at NOVACAP.

“It has been a pleasure partnering with the management team and all of the IPH employees over the last five years and I am confident that the transaction with Arlon will allow IPH to take its business to the next level in the North-American market”, mentioned Antoine Casimir, Vice-President at NOVACAP.

ABOUT IDAHO PACIFIC
Idaho Pacific is a leading producer of dehydrated potato products for the foodservice, industrial and export channels and is recognized as one of the premier potato dehydration companies in the industry. The company provides its global customer base with key ingredients for a variety of applications, including salty snacks, mashed potatoes and bakery products. Idaho Pacific is headquartered in Ririe, Idaho and operates production facilities in Idaho, Colorado and Prince Edward Island. For more information, please visit www.idahopacific.com .

ABOUT NOVACAP
With assets under management of over $1.6 billion, NOVACAP has consistently been recognized as one of the leading private equity firms in Canada since 1981. Its unique collaborative approach with entrepreneurs, based on deep operational expertise and active management of its investment, has helped accelerate growth and maximize value of more than 85 companies across North America. NOVACAP’s culture is based on creating long-term value through an investment philosophy focused on discipline and growth. With an experienced management team and substantial financial resources, NOVACAP is well positioned to continue building world-class companies. For more information, please visit www.novacap.ca .

Media contacts: Valérie Gonzalo, AGO communications
Office: 514-626-6976
valerie@agocom.ca

Photo courtesy of Reuters/Brian Snyder