11/2021MajorityLBO

TA Associates takes majority stake in Nactarome Group

ITALY Food Processing / Ingredients EV €500M–1.5bn

Context

TA Associates acquired a majority stake in Nactarome from Ambienta SGR SpA, with Nactarome management retaining minority equity alongside the seller. This secondary buyout transitions control of the Italian flavours platform, financed via TA's debt fund following a competitive auction managed by Lazard. The move aligns with TA's thesis on high-margin B2B food ingredients, where Nactarome's natural flavours and clean-label prowess—bolstered by bolt-ons like Nactis and IPAM—offer organic R&D-led growth plus tuck-in potential. Timing taps peak sector momentum, with Europe F&B buyouts hitting €13 billion amid premium multiples for optimized PE assets; post-deal priorities encompass international expansion, service elevation, and M&A continuity.

Previously, Nactarome Group had completed the acquisition of Tasteconnection in 2021 as part of its consolidation strategy.

Nactarome Group, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

-> Deep-dive in AgriFood market trends

Target

Nactarome Group, headquartered near Milan, Italy, stands as a leading developer and manufacturer of natural flavours, colours, taste solutions, and functional ingredients for food, beverage, and life sciences. With 12 production sites, over 550 employees, and €135 million turnover, it serves 5,000+ customers in 100 countries (2025) via brands like Create Flavours, Nactis, and Pharmorgana. Offerings span clean-label alternatives from renewable sources. Revenue flows from B2B innovation for retailers and processors. Strategically, it targets nutrition expansion, blending heritage with global networks for agility. This fuels M&A platform building. Nactarome's edge lies in sustainable, natural solutions outpacing synthetics.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2020

2019

Other operations with Nactarome Group

Other operations with Nactarome Group
Date	Acquirer	Target	Country	Sector
08/2025	NACTAROME GROUP	CLAREMONT INGREDIENTS	UNITED KINGDOM	Ingredients
03/2023	NACTAROME GROUP	ROYAL BUISMAN	NETHERLANDS	Ingredients
04/2021	NACTAROME GROUP	TASTECONNECTION	UNITED KINGDOM	Ingredients

Other operations with TA Associates

Other operations with TA Associates
Date	Acquirer	Target	Country	Sector
04/2025	TA ASSOCIATES	SMARTTRADE TECHNOLOGIES	FRANCE	Financial Services / Banking
01/2025	TA ASSOCIATES	NEXUS	GERMANY	Healthcare
07/2024	FRANCISCO PARTNERS / TA ASSOCIATES	ORISHA	FRANCE	Industry-Specific Software
01/2024	TA ASSOCIATES	ROCSCIENCE	CANADA	Engineering & Design Software
05/2023	TA ASSOCIATES / MONTAGU PRIVATE EQUITY	HARVEST	FRANCE	Financial Services / Banking
08/2019	TA ASSOCIATES	GONG CHA GROUP	TAIWAN	Restaurants / Chains
06/2015	TA ASSOCIATES	HANA GROUP	FRANCE	Food Products

Similar deals in Food Processing

Similar deals in Food Processing
Date	Acquirer	Target	Country	Sector
01/2022	BENSON HILL	ZFS CRESTON	UNITED STATES	Ingredients
12/2021	LUCAS BOLS COMPANY	TEQUILA PARTIDA	UNITED STATES	Wines & Spirits
11/2021	CVC	LIPTON TEAS AND INFUSIONS	NETHERLANDS	Coffee & Tea
11/2021	BGH CAPITAL	LAURENT BAKERY GROUP	AUSTRALIA	Bakery / Pastry
10/2021	BISCUIT INTERNATIONAL	CONTINENTAL BAKERIES	NETHERLANDS	Food Products
09/2021	ALTIA	ARCUS	NORWAY	Wines & Spirits
09/2021	FRENCH FOOD CAPITAL / BPIFRANCE / TIKEHAU CAPITAL	MARKAL	FRANCE	Food Products
09/2021	ARDIAN	FLORIDA FOOD PRODUCTS (FFP)	UNITED STATES	Food Products
09/2021	3I	EUROPEAN BAKERY GROUP	NETHERLANDS	Bakery / Pastry
09/2021	ROYAL DSM	FIRST CHOICE INGREDIENTS	UNITED STATES	Ingredients

REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €100–200M

EBITDA range: €10–30M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Nactarome Group by TA Associates 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.

Target: nactarome group

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Nactarome Group, an Italian company specialised in Ingredients, by TA Associates in 2021, structured as a leveraged buyout (LBO).

How was the acquisition of Nactarome Group by TA Associates valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Nactarome Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Nactarome Group generated annual revenue estimated in the €100–200M range and EBITDA in the €10–30M bracket (FY 2020). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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