Niacet

Niacet is a global market leader in technologies for preservation. It has clear leadership positions in Bakery and Pharma, and cost-effective low-sodium preservation systems for Meat and plant based food across both conventional and clean label solutions. Niacet is differentiated by its proprietary drying and granulation process technologies in its key market categories of Bakery, Meat and Pharma. The business has customers in over 75 countries and key manufacturing sites in Niagara Falls (USA) and Tiel (The Netherlands). Niacet has an attractive financial profile. For the year ended 31 December 2021 Niacet is expected to have pro forma annualised revenue of c.$220m and EBITDA of c.$66m, representing an EBITDA margin of c.30%. The transaction value of $1,015m represents an implied EV/EBITDA multiple of 15.4x excluding synergies.