Who owns FIRST CHOICE INGREDIENTS?

FIRST CHOICE INGREDIENTS has been 100% owned by ROYAL DSM since September 2021.

At what enterprise value was FIRST CHOICE INGREDIENTS acquired in 2021?

During the acquisition of FIRST CHOICE INGREDIENTS by ROYAL DSM in 2021, the transaction's Enterprise Value is estimated to be in the range of 300M - 700M EUR.

What was the EV/EBITDA of FIRST CHOICE INGREDIENTS when it was acquired by ROYAL DSM?

The estimated EV/EBITDA multiple for FIRST CHOICE INGREDIENTS is in the range of 15x - 25x.

When was FIRST CHOICE INGREDIENTS acquired by ROYAL DSM?

FIRST CHOICE INGREDIENTS was acquired by ROYAL DSM in 2021.

What was the revenue of FIRST CHOICE INGREDIENTS at the time of the deal?

The revenue of FIRST CHOICE INGREDIENTS at the time of the deal is estimated to be in the range of 50M - 100M EUR.

What was the EBITDA of FIRST CHOICE INGREDIENTS during the acquisition?

FIRST CHOICE INGREDIENTS's EBITDA is estimated to be in the range of 10M - 30M EUR.

How is the data for the FIRST CHOICE INGREDIENTS acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the FIRST CHOICE INGREDIENTS deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://our-company.dsm-firmenich.com/de-de/our-company/news/press-releases/legacy-archive/2021/29-21-dsm-to-acquire-first-choice-ingredients-to-accelerate-growth-in-food-and-beverage.html

What is the average EV/EBITDA multiple for the AgriFood sector in 2026?

The average EV/EBITDA multiple for the AgriFood sector in 2026 is 11.0x.

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Home Database AgriFoodFIRST CHOICE INGREDIENTS

09/2021

FIRST CHOICE INGREDIENTS acquired by ROYAL DSM

UNITED STATES Food Processing / Ingredients EV 300M - 700M EUR

Context

DSM has entered into a definitive agreement to acquire First Choice Ingredients. This acquisition strategically expands DSM's Food & Beverage offering by adding a leading position in the US savory dairy flavor market. The deal allows DSM to leverage its global distribution network to accelerate First Choice Ingredients' growth outside the US, while integrating their proprietary fermentation technologies into DSM's existing portfolio of enzymes and cultures.

By taking control of First Choice Ingredients, Royal Dsm continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Erber Group in 2020.

FIRST CHOICE INGREDIENTS, which reported an EBITDA margin of in 2021, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (11.0x).

-> Deep-dive in AgriFood market trends

Target

Headquartered in Germantown, Wisconsin, First Choice Ingredients is a leading US developer of concentrated dairy flavors created through proprietary fermentation technologies. The company operates three manufacturing facilities and employs approximately 100 people. It specializes in fermenting and blending natural dairy products with cultures and enzymes to create "clean label" savory flavor solutions. Its products are used in a wide range of applications including soups, snacks, salad dressings, sauces, ready meals, bakery products, and increasingly in plant-based meat and dairy alternatives to mimic authentic dairy taste.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2021

2020

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09/2021	3I	EUROPEAN BAKERY GROUP	NETHERLANDS	Bakery / Pastry
09/2021	ALTIA	ARCUS	NORWAY	Wines & Spirits
09/2021	ARDIAN	FLORIDA FOOD PRODUCTS (FFP)	UNITED STATES	Food Products
09/2021	FRENCH FOOD CAPITAL / BPIFRANCE / TIKEHAU CAPITAL	MARKAL	FRANCE	Food Products
07/2021	CVC	PANZANI	FRANCE	Food Products
06/2021	KERRY GROUP	NIACET	UNITED STATES	Ingredients
06/2021	PILGRIM'S PRIDE CORPORATION	KERRY CONSUMER FOODS (MEATS AND MEALS BUSINESS)	UNITED KINGDOM	Meat & Cured Meat
06/2021	EQUINOX	GRUPPO SALPA	ITALY	Ingredients

REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 50M - 100M EUR

EBITDA range: 10M - 30M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of FIRST CHOICE INGREDIENTS by ROYAL DSM are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.