Universal to acquire Silva International from HP Schmidt, Kent DeVries and Steve DeYoung for $170m.

Universal, a tobacco company, agreed to acquire Silva International, a privately-held, natural, specialty dehydrated vegetable, fruit and herb processing company, from holding company HP Schmidt, Kent DeVries and Steve DeYoungfor $170m. "We're excited to have reached this agreement with Silva as we continue to diversify our offerings and generate new opportunities for value creation. This acquisition builds on our investment in FruitSmart and expands our plant-based ingredients platform. With this acquisition, we expect these businesses to represent 10% to 20% of our EBITDA by fiscal year 2022, ahead of our previously stated target outlined as part of our capital allocation strategy," George C. Freeman, Universal Chairman, President and CEO.