KPS and Tate & Lyle will each own approximately 50% of the new company. The merged companies will become a leading manufacturer of plant-based products for the food and industrial markets which will focus on growth and sustainability.

The deal is expected to close in Q1 2022 subject to normal regulatory approvals and closing conditions.

The Macfarlanes team was led by corporate and M&A partner Justin Hope with assistance from senior counsel Tim Redman and senior solicitor Eniga de Montfort. Tax expertise was provided partner Jeremy Moncrieff with assistance from solicitor Florence Barnes.

Justin Hope comments: “We are pleased to have worked alongside US law firm Paul, Weiss, Rifkind, Wharton & Garrison once again in advising KPS Capital Partners on this transaction, having recently advised them on the acquisition of the European tinplate business of Crown Holdings Inc.”