mynth
← DATABASE
03/2023

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 in 2023, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the AgriFood sector (10.7x).

-> 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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2023
2022

Similar deals in Food Processing

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
05/2023EUROPEAN BAKERY GROUPCOOLBACKGERMANYBakery / Pastry
04/2023SARIADEVROUNITED KINGDOMIngredients
03/2023CARLSBERG GROUPWATERLOO BREWINGCANADAWines & Spirits
02/2023LUCAS BOLS COMPANYFLUÈRENETHERLANDSWines & Spirits
02/2023PAI PARTNERSLA COMPAGNIE DES DESSERTSFRANCEBakery / Pastry
02/2023ROUTINCAPPUCCINEUNITED STATESSoft Drinks
01/2023BROWN-FORMAN CORPORATIONDIPLOMÁTICO RUMVENEZUELAWines & Spirits
01/2023NEWPRINCES GROUPEM FOODSFRANCEFood Products
01/2023REFRESCOAVANDISNETHERLANDSContract Bottling & Packaging
01/2023IRCA / ADVENT INTERNATIONALKERRY SWEET INGREDIENTSIRELANDIngredients

REFERENCES

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