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Deal Detail

Kerry Group plc to Irca S.p.A.

Ingredients & Flavors/Jan 2023
EV / LTM EBITDA
12.2x
EV / LTM Sales
1.2x
Enterprise Value
$500M
Primary Source
Jefferies

Comparable Transactions

Ingredients & Flavors transactions announced in the five years to January 2023. 7 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Oct 2022Denali IngredientsOrkla Food Ingredients$200M2.0x13.9xStrategic
Jun 2022Natra S.A.CapVest Partners LLP$503M1.1x-Financial
Apr 2020Pure Circle, Inc.Ingredion Inc.$317M2.6x-Strategic
Jan 2020Frulact S.A.Ardian$128M1.3x-Strategic
Jan 2019Natra S.A.Investindustrial VI L.P. (World Confectionary Group S.a r.l.)$215M0.5x5.5xFinancial
Sep 2018SIS ’88 Pte. (ED&F Man Holdings)Mitsui Sugar Co. (Mitsui & Co.)$100M0.7x-Strategic
May 2018Frutarom Industries Ltd.International Flavors & Fragrances Inc.--23.9xStrategic
Mean1.4x14.4x
Median1.2x13.9x

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
Primaryfairness opinionFREE FOJefferies2024$500M1.2x12.2x--Open