United States: Kerry Group buys food preservation company Niacet for 853 million euros

Kerry Group has agreed to pay 853 million euros for the acquisition of Niacet, a maker of food preservation ingredients.

The announcement follows Kerry’s agreement to sell the majority of its consumer foods business for 819 million euros.

Private equity firm SK Capital Partners currently owns the US company, which is a world leader in food preservation technology.

The announcement follows Kerry’s agreement to sell the majority of its consumer foods business for 819 million euros.

Kerry announced late last week that it was selling its meat and meals businesses in Ireland and the UK – including well-known brands such as Galtee, Denny, Richmond and Fridge Raiders – to the multinational food company American company Pilgrim’s Pride in order to focus its activities on its core taste and nutrition range.

The acquisition of Niacet is subject to regulatory approval and should be finalized by the end of the third quarter.

Kerry will pay with existing funds and a bridging facility funded by the sale of his meats and meals business. According to Kerry, the deals will have a minor impact on the company’s net debt-to-earnings ratio this year.

Niacet expects revenues of around $220 million (€185 million) and profits of around $66 million this year. Customers can be found in over 75 countries.

“The acquisition of Niacet’s complementary product portfolio strengthens our leadership position in the fast-growing food protection and preservation market and significantly advances our sustainable nutrition ambition,” said the CEO. of Kerry, Edmond Scanlon.