At what enterprise value was KERRY SWEET INGREDIENTS acquired in 2023?

During the acquisition of KERRY SWEET INGREDIENTS by IRCA / ADVENT INTERNATIONAL in 2023, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the AgriFood industry currently tracks an average EBITDA multiple of 10.2x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of KERRY SWEET INGREDIENTS when it was acquired by IRCA / ADVENT INTERNATIONAL?

The estimated EV/EBITDA multiple for KERRY SWEET INGREDIENTS is in the range of 10x - 18x. For comparison, the AgriFood sector currently shows an average EBITDA multiple of 10.2x. Join our community for free to access full valuation data and industry trends.

What was the revenue of KERRY SWEET INGREDIENTS at the time of the deal?

The revenue of KERRY SWEET INGREDIENTS at the time of the deal is estimated to be in the range of 250M - 500M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of KERRY SWEET INGREDIENTS during the acquisition?

KERRY SWEET INGREDIENTS's EBITDA is estimated to be in the range of 25M - 50M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the KERRY SWEET 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 KERRY SWEET 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://www.adventinternational.com/news/kerry-to-sell-its-sweet-ingredients-portfolio-to-advent-internationals-portfolio-company-irca/

← DATABASE

Home Database AgriFoodKERRY SWEET INGREDIENTS

01/2023

KERRY SWEET INGREDIENTS acquired by IRCA & ADVENT INTERNATIONAL

IRELAND Food Processing / Ingredients EV 500M - 1.5b EUR

Context

Kerry Group entered into exclusive negotiations to divest its Sweet Ingredients Portfolio to IRCA, a portfolio company of the global private equity firm Advent International. This transaction represents a strategic move for Kerry Group to refine and enhance its core Taste & Nutrition business. By divesting the sweet ingredients assets, Kerry aims to sharpen its focus on higher-value and more strategic areas of its portfolio, aligning its resources with segments where it can generate the most significant value. The proceeds from the sale are intended for general corporate purposes and to fund the continued strategic development of its primary business divisions. For the acquirer, IRCA, the deal is a transformative step in its growth strategy under Advent International's ownership. The acquisition is highly complementary, adding a differentiated set of technologies and expanding IRCA's product capabilities. It significantly strengthens IRCA’s footprint, particularly in the United States, and accelerates its goal of becoming a truly global leader in the semi-finished food ingredients market. This transaction is part of a broader buy-and-build strategy orchestrated by Advent to create a dominant player in the sector, marking the third major acquisition for IRCA since Advent's initial investment.

KERRY SWEET INGREDIENTS, which reported an EBITDA margin of LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the AgriFood sector (10.2x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in AgriFood market trends

Target

The Sweet Ingredients Portfolio is a leading manufacturer of sweet and cereal products, possessing a wide array of technological capabilities. It primarily serves diverse end markets, including bakery, cereal, confectionery, dairy, and ice cream sectors across Europe and the United States. The business's operational footprint is extensive, comprising ten manufacturing facilities strategically located to serve its customer base. Four of these facilities are situated in the United States, with locations in Illinois, Kansas, Missouri, and California. The remaining six facilities are spread across Europe, with operations in the United Kingdom, the Netherlands, Germany, and France. The product offering is comprehensive and specialized, featuring a range of items such as sweet particulates, various chocolate confections, and baked inclusions designed to add texture and flavor to finished goods. The portfolio also includes variegates, used for creating swirls and patterns in products like ice cream, and a variety of fruit purées for fillings and flavorings. This diverse manufacturing base and product range allow the business to cater to the complex and evolving needs of major food producers in its key markets.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2022

2021

Similar deals in AgriFood

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
02/2023	LUCAS BOLS COMPANY	FLUÈRE	NETHERLANDS	Food Processing	Lucas Bols completed the acquisition of 100% of Fluère to strategically enter the rapidly growing non-alcoholic spirits market. This "bolt-on" acquisition allows Lucas Bols to capitalize on the "mindful drinking" trend, providing a sophisticated alcohol-free alternative to its global client base of professional bartenders and distributors
02/2023	PAI PARTNERS	LA COMPAGNIE DES DESSERTS	FRANCE	Food Processing	PAI Partners' investment in La Compagnie des Desserts, a specialist in frozen pastries and ice cream for professionals, is part of a broader strategy to expand geographically and diversify operations. With a workforce of 700 employees, the company aims to achieve revenues of 180 million euros by 2027, up from 117 million euros in 2022, driven by approximately 20 annual hires
01/2023	NEWPRINCES GROUP	EM FOODS	FRANCE	Food Processing	Newlat Food has completed the acquisition of EM Foods and its manufacturing facility in Ludres from the German food company Dr. Oetker. This transaction marks Newlat's strategic entry into the baking mixes and dessert category, further diversifying its product offering
01/2023	BROWN-FORMAN CORPORATION	DIPLOMÁTICO RUM	VENEZUELA	Food Processing	Brown‑Forman Corporation has completed the acquisition of the Diplomático Rum brand and its associated corporate assets from Destillers United Group S.L.. The transaction structure transfers full brand ownership alongside a dedicated aging, bottling, and shipping production facility located in Panama
01/2023	REFRESCO	AVANDIS	NETHERLANDS	Food Processing	Refresco has completed the acquisition of Avandis, a Dutch manufacturer of alcoholic beverages, from Lucas Bols and De Kuyper Royal Distillers, two leading players in the spirits and cocktail industry
12/2022	ITALIAN WINE BRANDS	BARBANERA VINI	ITALY	Food Processing	Italian Wine Brands has completed the acquisition of 100% of Barbanera S.r.l. and Fossalto S.r.l. from the Barbanera family. This transaction marks a significant milestone in the buyer's consolidation strategy in the Italian wine market
10/2022	CAMPARI GROUP	WILDERNESS TRAIL DISTILLERY	UNITED STATES	Food Processing	Campari Group has entered into an agreement to acquire a 70% stake in Wilderness Trail Distillery, with a mechanism in place to acquire the remaining 30% in 2031 through a cross-option arrangement between the parties
10/2022	ORKLA	DENALI INGREDIENTS	UNITED STATES	Food Processing	Orkla Food Ingredients (OFI) has agreed to acquire 84% of Denali Ingredients from the founding family. The deal includes a potential earn-out ("top-up payment") based on future growth. The seller and CEO will retain a combined ~16% stake
09/2022	JDE PEETS	LES 2 MARMOTTES	FRANCE	Food Processing	JDE Peet’s, a Netherlands‑based global coffee and beverage group listed on Euronext Amsterdam, acquired Les 2 Marmottes from FrenchFood Capital I in an all‑equity transaction structured as a 100% asset purchase
07/2022	CHEVRILLON	ARCADO	FRANCE	Food Processing	Groupe Chevrillon acquired a majority stake in Arcado, taking control of the French charcuterie group from its previous financial sponsors, including MBO & Co and Amundi PEF, while the founding Paget family retained a minority interest

REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 250M - 500M EUR

EBITDA range: 25M - 50M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of KERRY SWEET INGREDIENTS by IRCA / ADVENT INTERNATIONAL are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: kerry sweet ingredients

Acquirer: irca / advent international