TRALEE, IRELAND — Kerry Group PLC on June 21 announced it has reached an agreement to acquire Hare Topco, Inc., which does business as Niacet Corp., from an affiliate of investment funds advised by SK Capital Partners and other shareholders.
Kerry said it will pay €853 million ($1.016 billion).
Based in Niagara Falls, NY, Niacet specializes in preservation technologies, and is a category leader in the baking and pharmaceutical segments, Kerry said. The company also offers low-sodium preservation systems for meat and plant-based foods.
Niacet products in baking preservation and quality enhancement include calcium propionate, sodium propionate, the Proniaturel line of antimicrobial additives, calcium stearoyl lactylate, calcium acetate and potassium propionate.
Kerry described Niacet’s financial profile as attractive. In 2021, the company is expected to generate sales of $220 million and EBITDA of $66 million, equating to an EBITDA…