Irving, TX-based Darling Ingredients forged a deal to purchase all shares of rendering and recycling firm Valley Proteins Inc. for $1.1. billion, a recent company release announced. The transaction includes 18 rendering and used cooking oil facilities across the US.
Valley Protein offers waste collection services to the foodservice, meat processing, and supermarket industries, and processes the material into fats and proteins used as animal feed ingredients. The company also converts used cooking oil from restaurants and animal fats into renewable biofuel ingredients.
“In the evolving world of ESG and global decarbonization, Valley Proteins will supplement Darling’s global supply of waste fats and greases. The new supply will now provide Darling with additional low carbon feedstock to produce renewable diesel and potentially sustainable aviation fuel,” said Randall C. Stuewe, chairman and chief executive officer of the ingredients manufacturer, in a statement. “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.”
The company said the sale is subject to customary closing conditions, including the expiration of the Hart-Scott-Rodino waiting period.