SYNOVA BACKS MINTEC BUY-OUT
Synova Capital (“Synova”) is pleased to announce that it has supported the management buy-out of Mintec Global (“Mintec”, or the “Group”). Mintec is the world’s leading provider of global pricing data and intelligence for non-traded food ingredients.
The Mintec cloud-based SaaS platform aggregates over 10,000 data series on raw commodity prices and releases over 1 million data points each year. The Group provides this data and an extensive analytics toolset on a subscription basis to food retailers, food manufacturers and suppliers to support them in reporting, analysing and interpreting food ingredients markets. Mintec’s pricing intelligence forms an integral part of pricing negotiation and budget preparation for over 400 customers including 18 of the world’s top 20 food retailers and 12 of the world’s top 20 food manufacturers. Customers include Tesco, Albertsons, Unilever and Mars.
In addition to its core product, Mintec Online, the Group is currently rolling out further value-added functionality including AI-driven insight, supplier benchmarking and enhanced forecasting capabilities. Synova’s investment will help support this expansion.
Philip Shapiro, a Managing Partner of Synova and a Director of Mintec, commented: “In an environment of widespread food inflation and changing global supply and demand patterns, a lack of data and analytics capability is a barrier to effective negotiations and margin management. Mintec’s rich database and reputation as a ubiquitous, independent and accurate data provider means it is well placed to continue developing and delivering analytics tools which generate measurable returns to the world’s largest food businesses.”
Tony Pauley, CEO of Mintec, added: “Synova’s investment is a critical step in our evolution, bringing us a supportive investor who will help us to accelerate our growth plans and realise our strategic ambitions. Mintec’s pace of growth and change meant that finding a like-minded and dynamic partner to constantly challenge us and act as a sounding board was crucial.”