Synova's Mintec buys Kairos

The transaction was funded through cash on Mintec's balance sheet, with no further equity required from the sponsor, according to a source close to the situation. The company doesn't have any debt, the source added.

The bolt-on will add price forecasting capabilities to Mintec's existing pricing data and analytics in the agri-food market, the parties said in a statement.

Synova backed the management buyout of Mintec Global in early 2018. A Times report at the time for an estimated £30m according to The Times.

Synova acquired its stake in Mintec from the Peksa family, which founded the business. The MBO was led by CEO Tony Pauley, who joined the company in 2016.

The GP invested via Synova III, which closed on GBP 250m in 2016; it marked the fifth investment for the vehicle. The fund typically invests between GBP 10m-30m in UK companies, valued at between GBP 10m-100m.

Established in 1987, Mintec's cloud-based platform aggregates data series on raw commodity prices and releases a million data points each year. It then provides this data and an analytics toolset on a subscription basis to food retailers, food manufacturers and suppliers to support them in reporting, analysing and interpreting food ingredients markets.

Kairos Commodities is a provider of commodity market intelligence based in Copenhagen. The service was launched in 2007 by the Danish Purchasing and Logistics Forum in response to its members expressing growing concern over raw material price developments. Since then, Kairos Commodities has been established as an independent company.

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