Universal Corp. completes acquisition of dehydrated foods company
Richmond tobacco leaf supplier buys Silva International
Richmond-based international tobacco leaf supply company Universal Corp. announced Thursday it has completed the acquisition of Momence, Illinois-based dehydrated vegetable, fruit and herb processing company Silva International for $170 million in cash.
The acquisition was previously announced in early September.
Silva will operate as part of Universal’s plant-based ingredients platform, which includes FruitSmart Inc. (which Universal acquired in January) and Carolina Innovative Food Ingredients Inc. Universal Corp. supplies tobacco and other agricultural products to more than 30 countries across North America, South America, Europe, Asia and Africa. For its fiscal year ending March 31, 2020, the company reported $1.9 billion in revenue.
Founded in 1979, Silva procures more than 60 types of dehydrated vegetables, fruits and herbs from more than 20 countries. Aside from sourcing, the company processes natural raw materials into custom dehydrated vegetable- and fruit-based ingredients for end products. The company employs more than 200 people and has a 380,000-square-foot manufacturing facility.
Silva President Kent DeVries will continue to run the business and report to Patrick O’Keefe, Universal Global Ventures senior vice president.