Kerry to sell its Sweet Ingredients Portfolio to Advent International’s portfolio company, IRCA
Portfolio to be sold for €500m.
Kerry Group plc today announced that it has entered into exclusive negotiations to sell the trade and assets of its Sweet Ingredients Portfolio to IRCA, a business in chocolate, creams, and other high-quality semi-finished food ingredients, for a consideration of €500m. The Potential Sale is subject to relevant regulatory approvals and routine closing adjustments. Employee consultation and information processes have commenced in relevant jurisdictions.
The Sweet Ingredients Portfolio is a manufacturer of sweet and cereal products with a broad range of technological capabilities, primarily serving the end markets of bakery, cereal, confectionery, dairy, and ice cream in Europe and the US. Its operational footprint covers four manufacturing facilities in the US (in Illinois, Kansas, Missouri, and California), and six facilities across the UK, the Netherlands, Germany, and France. The portfolio incorporates a range of products spanning sweet particulates, chocolate confections, baked inclusions, variegates, and fruit purées. The expected attributable financial results for the year, ending December 31, 2022, included revenues of €405m and EBITDA of €41m.