Irving, Texas-based Darling Ingredients Inc. has entered into a definitive agreement to acquire all of the shares of Valley Proteins Inc. for approximately $1.1 billion in cash.
Valley Proteins operates 18 major rendering and used cooking oil facilities throughout the southern, southeast and mid-Atlantic regions of the U.S. It employs 1,900 employees and operates a fleet of 550 vehicles.
“We are pleased to add Valley Proteins to our global ingredient family, and we expect this acquisition to be accretive post integration. In the evolving world of ESG and global decarbonization, Valley Proteins will supplement Darling’s global supply of waste fats and greases,” said Randall C. Stuewe, chairman and CEO. “The new supply will now provide Darling with additional low carbon feedstock to produce renewable diesel and potentially sustainable aviation fuel.
“Valley Proteins has a rich 70-plus year history of providing essential services to the meat processing industry and restaurant locations, and our teams will work diligently to complete this acquisition in a timely manner,” Stuewe said.
The closing of the transaction is subject to customary closing conditions, including the expiration of the Hart-Scott-Rodino waiting period.
Darling Ingredients Inc. is a producer of organic ingredients, generating a wide array of sustainable protein and fat products while being one of the largest producers of renewable clean energy.
With operations on five continents, Darling collects waste streams from the agri-food industry, repurposing into specialty ingredients, such as hydrolyzed collagen, edible and feed-grade fats, animal proteins and meals, plasma, pet food ingredients, fuel feedstocks and green bioenergy. Darling Ingredients was named one of the 50 Sustainability and Climate Leaders in 2021.