Glanbia has agreed to acquire Flavor Producers from Aroma Holding for an initial consideration of $300 million.
Flavor Producers is a US-based flavour platform, providing flavours and extracts to the F&B industries, with a focus on organic and natural ingredients.
Once the deal is complete, Glanbia will operate Flavor Producers within its Glanbia Nutritionals Nutritional Solutions business.
The transaction is part of Glanbia’s strategy to acquire complementary businesses to grow its Better Nutrition platforms. Flavor Producers significantly expands Glanbia’s Nutritional Solutions flavours offering, bringing new capabilities in the growing natural and organic flavours market.
Hugh McGuire, Glanbia’s CEO, said: “I am delighted to announce the acquisition of Flavor Producers, which represents an important step in the continued growth of our Nutritional Solutions business. This acquisition builds on our existing flavours capability and positions us well to capture long term growth opportunities in the organic and natural flavours segments.”
He continued: “Mergers and acquisitions are an important part of our growth strategy, and this transaction represents a further opportunity to scale our Nutritional Solutions business, unlock synergies and acquire unique and complementary capabilities”.
The initial consideration is $300 million with an additional deferred payment of up to $55 million, conditional on performance in 2024.
The deal will be financed by Glanbia’s existing banking facilities and cash and it is anticipated that the transaction will close in the first half of FY 2024 subject to customary closing conditions and agreed.
By Phoebe Fraser
Source: foodbev.com
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