Three Firms Lead Paine Schwartz’s Go-Private Deal for AgroFresh

Morrison & Foerster advised AgroFresh Solutions Inc., a Philadelphia-based provider of technologies and services to extend shelf life of fresh produce, on its agreement to be acquired by Paine Schwartz Partners.

Kirkland & Ellis is counseling Paine Schwartz, which specializes in food chain investing and had already made a $150 million equity investment in AgroFresh in June 2020. In the new transaction, the private equity firm agreed to pay $3 per share in cash to acquire all of the company’s outstanding shares. The price represents a 91% premium over AgroFresh’s share price at market close on the Nasdaq on Oct. 26, according to a statement.

Morris Nichols is advising a special committee of independent directors of AgroFresh’s board of directors on the transaction, which is expected to close in 2023’s first quarter. Following the completion of the acquisition, AgroFresh will become a private company, the statement said.

MoFo said its deal team advising AgroFresh was led by corporate department co-chair Mitchell Presser, and corporate partners Omar Pringle and Joe Sulzbach, with corporate associates Dana Lyons and JD Husband.