Transaction Designed to Boost Investment in Growth Opportunities Across All Businesses and Create More Opportunities for Customers And Employees
CHASKA, MINNESOTA & NEW YORK – June 7, 2023 – MidOcean Partners (“MidOcean”), a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments, today announced that it has acquired QualiTech, a renowned, family-owned global manufacturer of plant nutrition, animal nutrition and food ingredient products and services. The transaction, which transfers ownership of the company to MidOcean from the Ploen family, is designed to pave the way for new investment to expand capabilities and capacity, and to drive new levels of growth. Terms of the transaction were not disclosed.
Founded in 1967 and headquartered in Chaska, MN, QualiTech produces a variety of savory blends for consumer food products, vitamins and minerals for pet and livestock feed, and specialty nutrition for plants. With a rich 50-plus-year history of developing innovative solutions, and a longstanding commitment to quality, technology, and service, QualiTech is well-recognized for delivering best-in-class ingredients and nutrients that promote the health and wellbeing of people, animals and the environment.
“Joining forces with MidOcean marks a major milestone for QualiTech as we continue to strategically scale our products and services,” commented Mike Hodgens, Chief Executive Officer of QualiTech. “The only thing more remarkable than the significant growth and success that QualiTech has experienced over the past several years is the opportunity that lies before us. We are confident that MidOcean’s significant industry knowledge in the food value chain, deep operational expertise, and track record of successfully growing food and ingredients businesses will help QualiTech accelerate our growth and build on the strong foundation we have established over the last 57 years.”
“We are delighted to welcome QualiTech to the MidOcean family,” said Steven Loeffler, Principal at MidOcean. “QualiTech’s multiple distinct business lines afford MidOcean an exciting opportunity where we can help the company continue to build upon its rich heritage and scale its exceptional product offerings. QualiTech’s excellence in food ingredients, animal nutrition and plant nutrition, are highly synergistic with MidOcean’s expertise in the food ecosystem. We look forward to partnering with Mike and the entire QualiTech team to ensure they are best positioned to service their loyal customer base for years to come.”
QualiTech’s business operates across several key focus areas within MidOcean’s food value chain initiative, and MidOcean’s investment in the company follows others it has made in the food and ingredient product industries, including Florida Food Products and Casper’s Ice Cream. MidOcean plans to leverage its food industry knowledge and expertise to support QualiTech’s continued growth through both organic investments in research and development and product innovation, and strategic transactions.
“We are incredibly proud of the reputation for quality, service, and satisfaction we have purposefully built at QualiTech over the last 57 years,” said Cory Ploen, QualiTech’s long-time owner. “We believe MidOcean’s partnership will have a positive impact on our all of our stakeholders and are excited by the tremendous possibilities in the company’s future.”
About QualiTech
QualiTech’s mission is to provide top quality ingredients and nutrients that promote the health and wellbeing of people, plants and animals. For over 50 years, QualiTech has been providing innovative solutions to plant and animal nutrition and food ingredient products and service to their customers. Their core technologies and products include SQM® organic trace minerals, Feedbuds® palatability enhancers, dispersibles, electrolytes and protected vitamins. The foundation of their technology is over four decades of research conducted across species and under varying conditions with proven results.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
