Inverness Graham Investments, the Newtown Square firm started by investor Donald C. Graham, says it has purchased Iowa-based Global ID Group, which makes and sells food genetic and DNA tracking and certification software systems to clients worldwide, for an undisclosed sum. Inverness Graham buys companies worth less than $75 million (equity plus debt), with earnings (before interest, tax, depreciation, amortization) between $2 million - $10 million.
The buyer has been looking for food "authentication" investments, given tighter government regulation and consumer safety demands, Inverness Graham managing principal Trey Sykes said in a statement. Ex-FDA Associate Commissioner David Acheson, who helped draft the United States Food Safety Mondernization Act, has been "working closely" with Inverness Graham in seeking such investments, he added. Acheson will serve on the Global ID board.