Kerry Group has reached an agreement to acquire Niacet for more than $1 billion on a cash-free, debt-free basis, subject to customary closing adjustments. Following the acquisition, Niacet will be integrated into Kerry’s global food protection and preservation platform. The transaction is expected to close by the end of the third quarter of this year.
“The acquisition of Niacet’s complementary product portfolio enhances our leadership position in the fast-growing food protection and preservation market and significantly advances our sustainable nutrition ambition," says Edmond Scanlon, CEO of Kerry. "Niacet is a business with market-leading positions, differentiated technologies, and a strong and highly experienced management team. We are pleased to welcome the Niacet team to Kerry and we are excited at the potential the combination of our two businesses offers to outperform in this important and attractive market.”
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Niacet is a global market leader in technologies for preservation. It has leadership positions in bakery and pharma, and cost-effective low-sodium preservation systems for meat and plant-based food across both conventional and clean label solutions. The business has customers in over 75 countries and key manufacturing sites in Niagara Falls, N.Y., and Tiel in The Netherlands.
Kelly Brannen, CEO and significant minority owner of Niacet, adds, “We are proud of the rich heritage we have built in Niacet, dating back to when my family purchased Niacet in 1978. This transaction affirms the reputation we have developed as a trusted industry leader with a long-dated track record of making the highest quality products in the market. Our constant focus on innovation has been key to the development and success of our new clean label products. We view the sale to Kerry as a perfect fit. It will allow Niacet to grow at a much faster rate and sell in new markets around the world. We are very pleased to become part of the Kerry family.”