Private equity investor Synova Capital has announced that it has backed the management buyout at Mintec Global, a leading provider of global pricing data and intelligence for non-traded food ingredients.
Mintec is considered a leading provider of pricing data and analytics to retailers, food manufacturers and suppliers, and its pricing intelligence solution is used by more than 400 customers as part of their pricing negotiation and budget preparation, including 18 of the world's top 20 retailers.
The Mintec cloud-based SaaS platform aggregates over 10,000 data series on raw commodity prices and releases over one million data points each year.
'Rich Database'
“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," commented Philip Shapiro, managing partner of Synova and director of Mintec.
"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.”
Mintec is also currently in the process of rolling out further additional services such as AI-driven insight, supplier benchmarking and enhanced forecasting capabilities, and noted that Synova's investment will support this expansion.
Tony Pauley, chief executive of Mintec, said that Synova's investment is a "critical step" in the group's 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.”
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
