The Ingredient House (TIH), a Southern Pines-based supplier of specialty ingredients for the food and beverage industry, has been acquired by Prinova Group, a Nagase Group Co. The combined business will be the biggest seller of sweeteners and polyols in the world.
“We are excited to welcome The Ingredient House to the Prinova Group and are eager to have their innovative commercial team plug into our broader network,” said Prinova President and CEO Don Thorp. “The success of Prinova’s ingredient business has always been based on customer relationships, market expertise and a global presence. TIH will contribute immensely to this offering, especially in the sweetener and polyol space.”
TIH was founded by Graham Hall and his wife, Ann, and partners Rudi van Mol and Janet Timko in 2006. Four years later, the company established its headquarters in Moore County while keeping a regional office in New Jersey, and associates in the United Kingdom, Italy and China.
By partnering closely with customers and suppliers, including offshore manufacturers, TIH has grown substantially since its inception. Financial terms of the purchase agreement with Prinova were not disclosed, but Hall confirmed the transaction is expected to close on Oct. 1.
“We started our business 15 years ago without a single customer and have grown to be attractive enough with what we’ve done to attract the interest of a billion dollar company,” Hall said.
“Through an integration with Prinova, we see tremendous synergy potential through access to a much broader ingredient portfolio and manufacturing resources that will deliver significant value to our customers and our suppliers,” he added. “It is a win-win for everybody.”
Hall will retain his role as CEO at TIH’s offices on Northwest Broad Street in downtown Southern Pines. There have been some internal staff transfers as a result of the transaction, but no jobs were eliminated.
“At some stage you look at how you can further expand your business. For us this was definitely the way to do this,” Hall said, noting TIH is actively recruiting for a number of positions, primarily in sales and customer service. “For our people, they are now part of a much wider team and the job opportunities that will come will be much wider and farther afield. This opens up a great opportunity.”
Headquartered in Carol Stream, IL, Prinova was privately owned for 40 years before it was acquired by Nagase & Co., based in Toyko, in 2019. Since then, Prinova has expanded its presence in flavor manufacturing, premix manufacturing, and its flagship ingredient distribution offering. The acquisition of TIH allows Prinova to further leverage its industry relationships and will integrate TIH’s unique supply chain into its existing business.