Deal Detail

Tate & Lyle plc to Ingredion Inc.

EV / LTM EBITDA

8.8x

EV / LTM Sales

1.8x

Enterprise Value

$5.0B

Primary Source

Company Release

Comparable Transactions

Ingredients & Flavors transactions announced in the five years to June 2026. 8 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
May 2026	Romessence SAS	Turpaz Industries Ltd.	$38M	3.6x	12.9x	Strategic
May 2026	Phoenix Flavors & Fragrances Inc.	Turpaz Industries Ltd.	$95M	2.6x	13.8x	Strategic
May 2026	IFF Ingredients Business	CVC Capital Partners	$4.3B	1.4x	10.0x	Financial
Jul 2025	Attractive Scent SAS	Turpaz Industries Ltd.	$47M	3.1x	15.4x	Strategic
Oct 2023	Orkla Food Ingredients	Rhone	$1.4B	0.9x	-	Financial
Jan 2023	Kerry Group plc	Irca S.p.A.	$500M	1.2x	12.2x	Strategic
Oct 2022	Denali Ingredients	Orkla Food Ingredients	$200M	2.0x	13.9x	Strategic
Jun 2022	Natra S.A.	CapVest Partners LLP	$503M	1.1x	-	Financial
	Mean			2.0x	13.0x
	Median			1.7x	13.3x

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	press release	Press Release	-	2026	$5.0B	1.8x	8.8x	-	https://www.londonstockexchange.com/news-article/market-news/recommended-cash-acquisition-of-tate-lyle-plc/17627204	Open