Valent BioSciences Acquires Pace International
Valent BioSciences Corp., a leader in biorational product development for agriculture, public health, and forestry worldwide, said it agreed to acquire Pace International LLC, a global leader in the postharvest segment of commercial agriculture with operations in the United States, Mexico, and South America. Previously, Valent owned 25% of the company.
The acquisition adds another strategic platform to Valent’s rapidly expanding global biorational business. Headquartered in Seattle, Washington, Pace specializes in the development and commercialization of coatings, sanitizers, and postharvest disease management products for use in many crops including citrus, stone fruit, pome fruit, potatoes and others. Postharvest products improve fruit quality and maintain nutritional value while allowing for longer storage. Postharvest losses can range up to 40% to 50% of all produce that is grown, depending on the crop and country, Valent said.
“The Pace assets bring Valent the unique opportunity to leverage our extensive product portfolio and pipeline further downstream into new and exciting areas that will redefine the postharvest business segment,” said President and CEO Michael Donaldson. “Along with our $150 million investment in a new biorational product manufacturing facility in Osage, Iowa, VBC’s acquisition of Pace will help us to meet the growing demand for high-quality produce and further expands our global footprint as the undisputed leader in this sector.”
Biorationals are products typically derived from biological origins that are highly specific in their activity while providing economic, health, and/or environmental benefits.
Donaldson, also an executive officer with Valent parent Sumitomo Chemical Co., said the acquisition supports Sumitomo’s strategic vision to diversify its participation in the food production value chain. “With this acquisition, SCC becomes the only multinational supplier with both conventional and biorational product solutions extending from pre-planting seed protection and physiological seed enhancement to preharvest crop production/protection and postharvest applications benefiting the entire value chain,” Donaldson said.
Pace employs more than 100 people worldwide. Roberto Carpentier, vice president of sales and marketing for the last eight years, will become the new executive vice president and chief operating officer of Pace, reporting directly to Donaldson. The acquisition is expected to close before the end of the year.