Baird’s Business Owner Solutions (“BOS”) group recently advised International Protein Colloids, Inc. (“IPC” or the “Company”) on its sale to Gum Products International, Inc. (“GPI”), a portfolio company of Benford Capital Partners (“BCP”). The partnership strengthens GPI’s footprint in the pet industry while adding new products to its ingredient portfolio.

Headquartered in Venus, TX, IPC is a value-added distributor of binding agents, primarily gelatin-based products, to pet treat and pet food manufacturers across the country. David Walsh, President and second-generation Owner, worked collaboratively with Baird BOS to find a partner that would allow Walsh to not only transition into retirement but also position IPC for excelled future growth. A shared focus on customer service and developing high quality ingredient blends made GPI a natural fit for IPC.

“Baird BOS was a great partner helping market IPC and find the right buyer,” noted Walsh. “They got to know me first, asked the right questions, and understood my goals. They remained flexible through the whole process as the market changed, secured multiple competitive offers for the business, and really stepped up through diligence to keep everything organized and moving while I continued to run the business.”

GPI is a leading B2B food ingredients company, focusing on proprietary hydrocolloid blends, vinegar-based antimicrobials, and other functional ingredients and processing agents for a global customer base across North America, South America, Europe, and Asia.

Founded in 2004, BCP is a Chicago-based private equity firm focused on buying and building lower middle market companies in partnership with founders and management. Since inception, BCP has acquired 50 companies and currently owns 17 platform companies. BCP’s industry areas of focus include industrial technology, consumer products and food, B2B e-commerce, and agricultural products and services.


Baird’s Business Owner Solutions team advises lower middle-market and emerging growth companies and their owners on business transition, valuation, and M&A transactions.