NEW YORK — Private equity investment company Ardian has acquired a majority stake in Florida Food Products (FFP) through its US Buyout team from MidOcean Partners for an enterprise value in excess of $1 billion.

MidOcean initially invested in the business in 2018 and will retain a significant stake in FFP alongside Ardian. Additional terms of the transaction, which is expected to close in the fourth quarter of 2021, were not disclosed.

Eustis, Fla.-based FFP is a formulator and producer of vegetable- and fruit-based clean label ingredients. It is the largest provider of clean label cures for the protein sector and offers a growing portfolio of natural ingredients that have applications across every segment of the food and beverage industry, according to the company. MidOcean and FFP have grown the business over the past three years with a series of initiatives, including investments in infrastructure and product development capabilities and the acquisition of Amelia Bay, LLC, a provider of fresh brewed tea extracts, coffee extracts and botanicals.

Ardian and MidOcean will continue to partner with FFP to build on its expertise within its core markets, enter into new adjacencies and expand internationally, said Thibault Basquin, head of Americas investments at Ardian Buyout.

“FFP plays a critical role in the development and formulations of clean label food products for today’s consumer,” Mr. Basquin said. “FFP’s pipeline of innovative natural ingredients will significantly expand the selection of natural products available to consumers in both the retail and food-service channels.”