Business and Operations
Ardent Mills diversifies chickpea flour portfolio
By Bakers Journal
Ardent Mills announced its intention to purchase “substantially all” of the business operations of Hinrichs Trading Company, which sources, cleans and packs chickpeas. The move comes as part of Ardent Mills’ strategic growth plan to further invest in speciality ingredients and diversify its portfolio.
Headquartered in Pullman, Washington, 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 U.S.
“Ardent Mills and Hinrichs Trading Company share a strong commitment to our growers, customers, team members, communities, and to growth and innovation,” said Dan Dye, CEO of Ardent Mills in a statement. “There is a strong cultural alignment and shared values across both organizations. We look forward to welcoming the talented Hinrichs Trading Company team to the Ardent Mills family.”
The parties expect the deal will help customers bring innovative products to market to meet growing consumer demand for plant-based and specialty ingredients.
“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,” said Phil Hinrichs, CEO of Hinrichs Trading Company in the same statement. “Ardent Mills is that partner. They bring 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. We’re excited about the opportunity to partner with Ardent Mills as we share a similar values-based culture and a solid vision for growth.”
The parties are continuing with due diligence and expect the deal to close in April 2021.