Flour giant Ardent Mills moves into chickpea ingredients with Hinrichs Trading Company acquisition
26 Feb 2021 --- Flour-milling and ingredient company Ardent Mills is scheduled to acquire all of the business operations of Hinrichs Trading Company, a North American specialist in chickpea sourcing, cleaning and packing.
The move comes as part of Ardent Mills’ strategic growth plan to further invest in specialty ingredients and plant genetics capabilities to diversify its portfolio of solutions. This move builds upon its existing wheat flour business.
The parties are currently conducting due diligence and expect the deal to close in April. Financial terms of the deal have not been disclosed.
“There is a strong cultural alignment and shared values across both organizations,” highlights Dan Dye, CEO of Ardent Mills.
“We were looking for a partner that had the expertise to take the chickpea market to the next level and provide new opportunities for our team members and our growers,” adds Phil Hinrichs, CEO of Hinrichs Trading Company.
FoodIngredientsFirst has reached out to both companies for comment.
Over 30 years of chickpea experience
Headquartered in Washington, US, Hinrichs Trading Company currently operates across five locations in Washington and Montana.
Family-owned, Hinrichs Trading Company has over 30 years of chickpea experience, having been involved in the production of the ingredient since it was first introduced into the US.
The parties are continuing with due diligence and expect the deal to close in April.The parties expect the deal will help customers bring innovative products to market to meet growing consumer demand for plant-based and specialty ingredients.
“[Ardent Mills brings] operational and technical expertise, access to new markets, and the ability to scale quickly and sustainably. Hinrichs Trading Company complements that with our extensive chickpea sourcing knowledge and extremely close grower connections,” adds Hinrichs.
In previous expansions, Ardent Mills snapped up Andean Naturals’ quinoa operations last February.
It has also completed the acquisition of an organic grain elevator in Klamath Falls, Oregon, US, and added capabilities in its Denver River North Art District, US, community mill to clean and pack specialty grains.
“The plant-based food and beverage market shows no sign of slowing down,” highlights Shrene White, general manager of The Annex by Ardent Mills, a business unit that focuses on whole grains, pulses, mixes, custom multigrain blends and finished breads.
“In fact, we continue to see significant growth as consumers look to foods that align with their individual values – both personal and planetary.”
Innova Market Insights has pegged “Plant-Forward” as a Top Trend leading product development this year, which will continue to invigorate demand for chickpea ingredients, among other protein-rich grains and pulses.
“Ardent Mills has made proactive investments to meet this demand. This potential venture will enable us to offer diverse chickpea solutions to our customers from day one,” White concludes.
Edited by Benjamin Ferrer
