The Kerry Group has acquired Niacet for €853 million.
The global contributor to the bakery and pharma industry, Niacet, will be integrated into the group’s worldwide food protection and preservation platform upon completion of the acquisition.
The funding for the purchase is being sourced from existing liquidity and assets from the sale of the company’s consumer foods’ meats and meals assets.
“The acquisition of Niacet’s complementary product portfolio enhances our leadership position in the fast-growing food protection and preservation market and significantly advances our sustainable nutrition ambition,” Kerry Group chief executive Edmond Scanlon said.
“Niacet is a business with market-leading positions, differentiated technologies and a strong and highly experienced management team.
READ MORE: Saputo acquires Bute Island Foods
“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.”
Niacet chief executive Kelly Brannen added: “This transaction affirms the reputation we have developed as a trusted industry leader with a long-dated track record of making the highest quality products in the market.
“Our constant focus on innovation has been key to the development and success of our new clean label products.”
“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,” Brennan continued.
“We view the sale to Kerry as a perfect fit. It will allow Niacet to grow at a much faster rate and sell in new markets around the world. We are very pleased to become part of the Kerry family.”
The sale is expected to close by the end of the third quarter of 2021 subject to regulatory approvals and conditions.
