Deal Detail

Natra S.A. to CapVest Partners LLP

EV / LTM EBITDA

EV / LTM Sales

1.1x

Enterprise Value

$503M

Primary Source

Jefferies

Comparable Transactions

Ingredients & Flavors transactions announced in the five years to June 2022. 5 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Apr 2020	Pure Circle, Inc.	Ingredion Inc.	$317M	2.6x	-	Strategic
Jan 2020	Frulact S.A.	Ardian	$128M	1.3x	-	Strategic
Jan 2019	Natra S.A.	Investindustrial VI L.P. (World Confectionary Group S.a r.l.)	$215M	0.5x	5.5x	Financial
Sep 2018	SIS ’88 Pte. (ED&F Man Holdings)	Mitsui Sugar Co. (Mitsui & Co.)	$100M	0.7x	-	Strategic
May 2018	Frutarom Industries Ltd.	International Flavors & Fragrances Inc.	-	-	23.9x	Strategic
	Mean			1.3x	-
	Median			1.0x	-

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	fairness opinion	FREE FO	Jefferies	2024	$503M	1.1x	-	-	-	Open