Private investment firm Inverness Graham has sold Global ID Group, a food safety and testing company that addresses the challenges and opportunities facing the food industry.
Headquartered in Fairfield, Iowa, with additional facilities in Europe and South America, Global ID provides a suite of food testing, supply chain compliance software and services, and food certification solutions.
Inverness Graham acquired Global ID in November 2013 after a search in the food safety and testing market with industry expert David Acheson, the former chief medical officer at the FDA Center for Food Safety and Applied Nutrition.
Inverness Graham continues to seek opportunities with testing companies in the food, life sciences, environmental, energy, or technology sectors.
"Our investment thesis was predicated on continued strong market growth driven by increasing regulatory requirements, rapidly evolving consumer preferences for knowledge and safe food, and growing international trade within an increasingly complex global food supply chain," says Trey Sykes, managing principal of Inverness Graham. "In partnership with management, we were able to successfully execute our strategic vision by optimising operations, adding new products, enhancing the management team and expanding the technology and software functionality, all of which led to nearly doubling sales and tripling EBITDA over our three year hold."
Ken Ross, chief executive officer of Global ID, says: "Inverness Graham was a true value-added partner to us. They helped us refine our strategy and provided the support and resources we needed to drive accelerated growth. We look forward to building on this momentum and are excited for what the future holds at Global ID."
