03/2023100%

Royal Buisman acquired by Nactarome Group

NETHERLANDS Food Processing / Ingredients REV 1m EUR - 100m EUR

Context

The acquisition of Royal Buisman by Nactarome is a strategic move to drive long-term growth, aimed at solidifying Nactarome's position in the natural ingredients market for the food and beverage industry. As a specialist in natural caramel ingredients, Royal Buisman brings a complementary offering to Nactarome's portfolio, with a range of products that cater to customers' needs in terms of flavor, color, and texture. This transaction enables Nactarome to expand its geographic footprint, particularly in Europe, and strengthen its network of key clients, with an increased presence in five new countries. The acquisition of Royal Buisman by Nactarome is the result of a divestment process led by Bencis Capital Partners, which has decided to refocus Prinsen Berning, Royal Buisman's parent company, on the active nutrition segment. This deal presents a win-win scenario for both parties, allowing Royal Buisman to continue its strategy of supplying high-quality natural ingredients to top-tier clients, while Nactarome consolidates its market position. The transaction is also expected to enable Royal Buisman to leverage Nactarome's presence in Asian markets, unlocking new export growth opportunities. With this acquisition, Nactarome now boasts 12 manufacturing sites and over 550 employees. The transaction was advised by Rothschild & Co, EY, and Van Campen Liem, who brought their expertise to the table in navigating this complex deal.

Royal Buisman, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average observed in the AgriFood sector (12.2x in 2023).

-> Deep-dive in AgriFood market trends

Target

Royal Buisman is a designer and manufacturer of exclusive natural caramelized ingredients for the food industry, boasting over 150 years of expertise in the field of caramelized sugars. The company generates revenue through the sale of liquid and powdered formulations to large food industry groups, particularly in the baking, instant hot beverages, and meat substitutes segments. The purchasing dynamics of this institutional clientele are driven by strict requirements for sensory continuity and regulatory compliance, leading manufacturers to prioritize supply stability over pure tariff optimization. By offering qualified "clean label" alternatives, Buisman enables brands to limit their use of synthetic additives, thereby catering to the evolving needs of consumers and regulatory environments. With a long history of developing caramelized ingredients, the company has established a robust product portfolio, allowing it to maintain a stable presence in the market, entering new geographies and expanding its customer base, with a focus on delivering high-quality products that meet the stringent standards of the food industry.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2023

2022

Other operations with Nactarome Group

Other operations with Nactarome Group
Date	Acquirer	Target	Country	Sector
08/2025	NACTAROME GROUP	CLAREMONT INGREDIENTS	UNITED KINGDOM	Ingredients
11/2021	TA ASSOCIATES	NACTAROME GROUP	ITALY	Ingredients
04/2021	NACTAROME GROUP	TASTECONNECTION	UNITED KINGDOM	Ingredients

Similar deals in Food Processing

Similar deals in Food Processing
Date	Acquirer	Target	Country	Sector
04/2023	PAI PARTNERS	EUROPEAN PIZZA GROUP (EPG)	GERMANY	Food Products
04/2023	SARIA	DEVRO	UNITED KINGDOM	Ingredients
03/2023	CARLSBERG GROUP	WATERLOO BREWING	CANADA	Wines & Spirits
02/2023	ROUTIN	CAPPUCCINE	UNITED STATES	Soft Drinks
02/2023	PAI PARTNERS	LA COMPAGNIE DES DESSERTS	FRANCE	Bakery / Pastry
02/2023	LUCAS BOLS COMPANY	FLUÈRE	NETHERLANDS	Wines & Spirits
01/2023	REFRESCO	AVANDIS	NETHERLANDS	Contract Bottling & Packaging
01/2023	NEWPRINCES GROUP	EM FOODS	FRANCE	Food Products
01/2023	IRCA / ADVENT INTERNATIONAL	KERRY SWEET INGREDIENTS	IRELAND	Ingredients
01/2023	BROWN-FORMAN CORPORATION	DIPLOMÁTICO RUM	VENEZUELA	Wines & Spirits

REFERENCES

Revenue range: REV 1m EUR - 100m EUR

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

Press release: view release

Target: royal buisman

Acquirer: nactarome group

FAQ

What transaction does this page cover?

This page covers Nactarome Group’s acquisition of 100% of Royal Buisman, a Dutch company specialised in Ingredients, in 2023.

How does the valuation of Royal Buisman compare to benchmarks in the AgriFood sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 12.2x EBITDA during 2023.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.