Niacet, which operates in the bakery, meat and plant-based sectors, is active in 75 countries and has manufacturing sites in the US and Netherlands. The company, projected to generate revenues of £158.6m and EBITDA of £47.6m for 2021, will be integrated into Kerry’s global food protection and preservation platform.
The acquisition is expected to be completed by the end of the third quarter of 2021, subject to customary closing conditions and regulatory approval.
Edmond Scanlon, CEO of Kerry, said Niacet’s product portfolio would enhance the group’s position in the food protection and preservation market and ‘significantly advance’ its ‘sustainable nutrition ambition’.
“Niacet is a business with market leading positions, differentiated technologies and a strong and highly experienced management team. We are pleased to welcome the Niacet team to Kerry and we are excited at the potential the combination of our two businesses offers to outperform in this important and attractive market,” Scanlon added.
Kerry’s deal to buy Niacet was reached with an affiliate of funds advised by SK Capital and other shareholders on a cash-free, debt-free basis.
Kelly Brannen, CEO and significant minority owner of Niacet, said: “I’d like to thank our employees for their dedication and commitment and SK Capital for its support throughout its ownership period. In partnership, we have strengthened and grown the company substantially, while establishing the next phase of Niacet’s growth.