Food Ingredients Sector - Food & Beverage 2018 - Acquizon
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Food Ingredients Sector Food & Beverage 2018
Contents
1. KEY INSIGHTS .......................................................................................................................................................... 2
2. INTRODUCTION ....................................................................................................................................................... 3
Segments Overview ................................................................................................................................................ 4
Geographic Overview ............................................................................................................................................. 6
3. KEY TRENDS AND CHALLENGES .............................................................................................................................. 8
4. M&A OVERVIEW ..................................................................................................................................................... 9
Major Deal Drivers ................................................................................................................................................ 10
M&A Activity (2014-2017) .................................................................................................................................... 11
Select M&A Transactions - Strategic (2016-2018) ................................................................................................ 11
Top Strategic Buyers by Deal Count (2012-YTD2018) .......................................................................................... 14
Top Strategic Buyers by Deal Value (2012-YTD2018) ........................................................................................... 14
Select Transactions by Financial Sponsors (2012-YTD2018) ................................................................................ 15
5. PEER TRADING ANALYSIS ...................................................................................................................................... 17
6. GLOBAL M&A PARTNERS – FOOD & BEVERAGE TEAM......................................................................................... 22
ABOUT Global M&A Partners ............................................................................................................................... 23
1 |Page
1. KEY INSIGHTS
The Food Ingredients industry is an essential component in the Food & Beverage supply chain. Positioned amid raw
materials and final products, ingredients provide a wide range of applications, including further product
development and improving consumer health across the Food & Beverage landscape. Food Ingredients improve
product taste, texture and appearance while enhancing shelf life and nutritional value.
This $76bn industry is characterized by high barriers to entry, significant organic growth and strong margins.
Historical growth has primarily been fueled by increasing demand from both consumers and food producers for
products derived from specialty ingredients, which offer functional and nutritional benefits. Over the last decade,
growth of the global ingredients industry has largely outperformed the broader Food & Beverage sector. We firmly
believe these characteristics and trends in the Food Ingredients industry will continue.
• Food & Beverage Long-Term Outlook: Ingredients are an integral part of the Food & Beverage industry,
and therefore, trends in the global Agricultural and Food & Beverage sectors are of major significance to
industry performance. Favorable macro trends, including increased adoption of healthy convenient food,
changing consumer lifestyles, a growing global middle class, rising disposable income in developing
countries, evolving food habits, changing consumption patterns, rising demand for beverage meal
replacements and ready to eat foods, are all sparking demand for growth and innovation in the Food
Ingredients industry.
• Favorable Sector-Specific Trends: While ingredient sales span the globe, companies have begun to
optimize supply chains and establish regional production, R&D and sales departments. This allows Food
Ingredients companies to capitalize on local market knowledge and spur innovation. This is a key
component to their success in new product development, improved applications of existing products, and
continuing food ingredient modernization and specialization.
A significant challenge faced by Food Ingredients companies is to address the higher demand for and increased
specialization of food products to include changing tastes and preferences. The most successful companies have to
remain proactive and take the necessary measures to address evolving consumer habits, including:
• Adapting product portfolios to satisfy these new consumer trends and local regulations, resulting in a shift
towards offering more value-added ingredients (versus traditional basic synthetic ingredients);
• Increasing production capacity and local presence to meet client demands;
• Attracting a skilled workforce, retaining existing talent and automating production lines;
• Anticipating consumer needs concerning food properties, safety, traceability and sustainability.
While recent merger and acquisition (M&A) activity is robust, there remains a tremendous opportunity for further
consolidation. The Ingredients industry is “barbell” in nature with large diversified food producers on one end of
the spectrum and many small, specialized players with unique product offerings on the other. These smaller
companies often lack the financial resources and economies of scale necessary to compete with the larger
corporate players. Moreover, valuations are currently at peak levels due to the abundance of liquidity available
from financial buyers and the strong appetite of strategic buyers targeting specialty, niche, growing sectors. We
expect this “seller’s market” to continue in the near- to intermediate-term and for M&A activity to remain very
strong.
2 |Page
2. INTRODUCTION
Food Ingredients represents a multibillion dollar global industry that is growing rapidly. Food ingredients are the
base composites of food products and are designed to add particular benefits to the final products. They have a
wide range of applications in various industries for product development and improving consumer health.
Ingredients improve product taste, texture and
appearance while enhancing shelf life and nutritional
value. These ingredients are added in small quantities
The Global Food
and are less sensitive to pricing pressure, as they
Ingredients market is
typically are a fraction of the overall end-product cost
expected to reach $91bn in
(ranging from 0.5%+ for flavours to 5%-10% for some
2020 driven by Specialty
enzymes) compared to the significant added benefits.
Food Ingredients
Innovation in the Food & Beverage industry, segments.
particularly in the processed foods domain, has
generated numerous opportunities for new product
development in the Food Ingredients market.
Food preferences have changed, and consumers, particularly those in the growing middle class, demand variety in
food. This demand, along with the need for healthier, convenient and premium foods, has boosted innovation in the
sector, which is further required by increasing competition and the need for raw material cost reduction.
Global demand for Food & Beverage ingredients amounted to 30mn tonnes in 2016. However, using volume to
assess the overall importance of ingredients can be misleading, as many products, such as enzymes and high-
intensity sweeteners, need only be used in very small quantities in order to make a significant impact on the
finished product, while others require much larger volumes.
The Food Ingredients market is highly competitive and fragmented with a large number of players at local and
regional levels. The global market is estimated to be $75.9bn in 2017 and is forecasted to grow at a CAGR of 5.5%
to reach $116.5bn in 2025.
GLOBAL FOOD INGREDIENTS MARKET SIZE
Strong Organic Growth is Expected to Continue
$150
$116.5
$120
$90 $75.9
(In USD bn)
$60
$30
$0
2017E 2025E
Source: Research and Markets
3 |Page
GLOBAL FOOD INGREDIENTS MARKET
Segments Overview
The market is segmented into Sensory and Functional Food Ingredients.
By Product Type
Source: Grand View Research and Future Market Insights
GLOBAL FOOD INGREDIENTS MARKET
Functional Ingredients 2013 2016
The Functional Food Ingredients segment has been gaining
momentum driven by increasing demand for healthy foods 21%
with high nutritional value. Vitamins were the largest 41%
functional constituents within the segment in 2016. The use
59%
of probiotics and botanical/bioactive ingredients has
increased at a swift pace. 79%
Functional Sensory
Antioxidants Anti-microbials Vitamins Probiotics Proteins
Antioxidants are Anti-microbials inhibit Vitamins play an Probiotics are cultures The market for
preservatives which the growth of essential role in of live microbes protein ingredients is
inhibit oxidation of microbes by either metabolic activities, (bacteria) which when being driven by
food and cosmetic reducing water converting fat into ingested in adequate growing consumer
products. Global availability or energy and forming amounts, deliver preference for healthy
volume growth for increasing acidity. tissues and bones. health benefits. The food, rising concerns
antioxidants is According to IHS Vitamins occur total end-market for about animal health
estimated at 3.6% p.a. Markit estimates, naturally and can also probiotics sold to and nutrition and
(from 2016-21). global volume growth be synthesized consumers is growing demand for
Growth in food for antimicrobials is artificially. The estimated at $37.0bn personal and health
preservatives is estimated at 2.9% p.a. estimated market of in 2016 and is care products. The
mainly expected to (from 2016-21). China vitamins is valued at expected to grow at protein ingredients
come from emerging is expected to lead $4.5bn in 2016 9% p.a. mid-term. market is projected to
markets, particularly the growth trend with with projected mid- reach $58.5bn by 2022,
China. an estimated CAGR of term growth of 2- growing at a CAGR of
4-5% from 2016-21. 4% from 2016-21. 6% from 2017.
4 |Page
GLOBAL FOOD INGREDIENTS MARKET
Sensory Ingredients
The Sensory Ingredients segment is also gaining traction, in line with global Food & Beverage market demand and
continued industry innovation. Sensory properties are key elements for consumers in order to attract repeat
purchases, thus leading to market success for the finished products.
Flavours & Fragrances Sweeteners Food Colours
Flavours and fragrances are Sweeteners can be used to add Food colours are used to offset colour
compounds that affect both taste and sweetness and impart other loss, correct natural colour variations,
smell. The total Flavours & Fragrances functionalities such as bulk and enhance colours that occur naturally,
(F&F) market is estimated to be texture and to mask bitterness, and provide colour to colourless foods.
$20.0bn in 2016 and is expected to control crystallization, control The Food Colours market is estimated
grow at a CAGR of 2-3% through 2020. viscosity, and prevent spoilage. The to be $1.8bn in 2016 with expected
F&F demand is driven by macro trends market for sweeteners (excluding mid-term growth of 4-5% p.a. Natural
such as population growth and rising commodity sweeteners) is estimated colours, which accounts for 55% of the
disposable income resulting in higher at $3.8bn in 2016. market, is expected to grow at 6-8%
demand for consumer goods thereby p.a.
making the category less prone to
cyclicality.
Enzymes Cultures Texturants
Enzymes are primarily used as Food cultures are live bacteria used in Texturants are ingredients used to
processing aids (i.e., carry out the production of fermented control and modify the texture of food
bioconversions, speed-up reactions, foodstuffs. The Global Cultures & beverage products. They are
etc.) and are not present in the market is estimated at $1.2bn in primarily classified into emulsifiers and
finished product. According to Wall 2016. According to Wall Street hydrocolloids. Developed markets are
Street estimates, the global enzymes estimates, the market is expected to major consumers of texturants. In
market is estimated at $4.0bn growing continue growing at 5-6% p.a. 2016, Western Europe accounted for
at 5-6% p.a. since 2000. Food & 28% of consumption by value,
Beverage and Household Care followed by North America at 25%.
applications together account for over
75% of the market.
MARKET SIZE FOR SELECTED SENSORY INGREDIENTS
Organic Sales Growth and EBIT Margin (2016)
Area of the circles represents relative market size
Source: Wall Street Research
5 |Page
GLOBAL FOOD INGREDIENTS MARKET
Geographic Overview
North America
North America has the largest market share (33%) for Food Ingredients, driven by “go-green” and organic trends. In
this region, nearly 75% of consumers choose clean label products because they are considered to be safer to
consume and are processed in a controlled environment. Despite the higher cost, consumer preference for such
products is predicted to remain high. North America is expected to dominate the global market due largely to the
increasing consumption of processed foods in the United States and Canada.
Europe
The European Food Ingredients market is estimated at $13.9bn in 2016 and is projected to reach
$17.8bn by 2021, growing at a CAGR of 5.1%. Market growth is being driven by a consumer shift towards low-fat,
balanced diets. Constraints to growth are high raw material and processing equipment costs, as well as stringent
regulations imposed by food administration bodies.
BRIC
BRIC countries are expected to witness the highest growth driven by
economic expansion and are viewed as emerging markets for Food
Ingredients. However, they currently face supply chain and sustainability
issues due to lack of infrastructure and cold storage facilities which have
reduced the level of imports and exports of processed foods.
Geographical Breakdown of Food Ingredients
3.0%
8.0%
North America
In North America, 75% of
33.0% consumers purchase clean label
Europe products because they are
considered safer to consume
25.0% and are processed in a
Asia Pacific
controlled environment.
South America
Africa
31.0%
Source: Mordor Intelligence
6 |Page
GLOBAL FOOD INGREDIENTS MARKET
Application by End Market
Ingredients have many uses, ranging from improving the nutritional profile to changing the flavour of foods.
Manufacturers of consumer staples now purchase ingredients instead of producing them in-house as the
production of commodity-driven ingredients is capital intensive and generates low returns.
Soft Drinks comprises the largest end market for
ingredients, followed by Bakery & Confectionaries,
which both require high volumes of specialty
ingredients such as hydrocolloids, emulsifiers, flavours,
and cultures. Meat Products and Functional
Food/Beverages/Dietary Supplements are expected to
see higher growth in the coming years due to increasing
demand for nutritional value in food. The growing
brewery industry and the occurrence of highly complex
procedures have increased the demand for enzymes
Soft Drinks and Bakery & and starter cultures. Demand for Functional Food
Confectionaries are the largest end Ingredients has increased due to growing health
markets in the Food Ingredients concerns and consumer awareness, which have driven
industry, requiring high volumes of the market for prebiotics, probiotics, minerals, and
specialty Food Ingredients such as proteins.
hydrocolloids, emulsifiers, flavours,
and cultures.
GLOBAL APPLICATION OF FOOD INGREDIENTS
By End Use
Source: Euromonitor International
7 |Page
3. KEY TRENDS AND CHALLENGES
Source: Various press releases
8 |Page
4. M&A OVERVIEW
The global Food Ingredients market is highly fragmented and comprised of
large and diversified Food & Beverage groups such as Cargill and Archer
Towards 2018, food companies will
Daniels Midland Company (ADM); large ingredients producers such as
focus on sustainable ingredients to
Koninklijke DSM, Givaudan, Kerry, Ingredion, and Sensient; and small- and
meet consumer demand and
mid-sized companies with niche product portfolios. There are many small,
innovative use of technology will
innovative companies offering unique product lines including faster
play a greater role in helping to
formulation products and customized blends (e.g., JMH International,
protect the environment. New
Redbrook Ingredients, Campus, and others).
approaches will be required,
The shift from commodity to valued-added ingredients is expected to including strategic partnerships
drive M&A volume with innovative, niche players identified as prime involving some unexpected allies.
acquisition targets. Developed countries will see transaction activity rise, Greater collaboration across
with technology, skilled labor, regulation, and strict patent protection private companies, local/national
acting as key drivers of deal volume. Emerging markets are also expected governments and Non-
to show some incremental growth in M&A activity due to the rising Governmental Organisations is also
number of health-conscious consumers. expected. Cargill is seeking
products made with sustainable
Cash-rich companies with sustainable operating cash flows, notably
ingredients and using science to
Givaudan, Symrise, and Frutarom, have exhibited an increasing appetite
address sustainability challenges in
for external growth. Frutarom, currently in a pending agreement to be
agriculture and food production
acquired by International Flavors and Fragrances (IFF) for $7.1bn, has
and to increase traceability.
completed 21 investments in various geographies and segments within the
Food Ingredients market since 2012. -Cargill Communications Director
In terms of post-merger integration, large corporations are looking for
new ways to integrate small companies into their own organisations. We have observed a change from the old M&A
integration model (i.e., consolidation, integration and delivery of immediate synergies) to an integration model based
on more autonomy of the target into the group.
Food Ingredients transaction multiples have increased sharply, driven by strong strategic buyer demand, substantial
availability of private equity capital, and low interest rates.
9 |PageM&A OVERVIEW
Major Deal Drivers
Accessing New Markets: Long-term success in the Food Ingredients market is contingent upon having a global presence.
For this reason, companies often seek geographic expansion to not only increase their customer base, but also broaden
the scope of product innovation to address different consumer preferences across markets.
In 2018, Firmenich expanded its presence in South Africa with the acquisition of Flavourome, an established flavours
company in the region. Roha, one of the leading global manufacturers and marketers in the food colour segment,
acquired Italy-based Essential SRL in 2017.
Shift Towards Higher Value-Added Products: Commodity-driven ingredients companies are looking to expand into the
specialty ingredients segment to increase returns and reduce volatility. This move is illustrated by ADM with the $3.1bn
acquisition of Wild Flavours and DowDuPont’s $1.2bn acquisition of FMC Corporation’s Health & Nutrition business in
2017.
Natural, organic and plant-based ingredients companies are targets, underscored by Givaudan’s acquisition of Naturex
(pending) and Sensient’s acquisition of the Natural Colour Business from GlobeNatural, both in 2018.
Access to New Technology: As innovation in the ingredients industry is a key driver of growth, small companies with
proven track records in innovation are targeted by large corporations, such as Lesaffre taking a majority stake in U.S.
bioscience company Enverra.
“Our acquisition of Ganeden strengthens our position in the nutritional actives market and enables us to use additional
technologies to build our immune health and gut health market platforms,” said Frank Hayes, director of corporate affairs
for Kerry Group, referring the acquisition in October 2017.
Consolidation: The Food Ingredients sector remains highly fragmented and is consolidating as companies accelerate
acquisition growth strategies to increase market share and position, leverage cross-selling opportunities and expand
capacity. Following the DowDuPont merger, the group announced that it will invest $10bn in its food solutions business.
Frutarom has implemented an aggressive external growth strategy doubling in size every four years. “During the past
five years, our many acquisitions have given us around 10,000 new customers who are now buying many solutions that
we could not offer them in the past,” said Ori Yehudai, CEO of Frutarom.
Larger Companies’ Appetite for Start-Ups: Start-ups are now widely recognized as invaluable sources of innovation,
fueling growth and providing pioneering business solutions. Food & Beverage industry partnerships between start-ups
and large firms will continue to grow as highlighted recently by Unilever and Cargill.
Examples in the Food Ingredients industry include the collaboration of Naturex and Neovia to study and develop new
natural and innovative animal nutrition and health solutions and the acquisition of PowderPure by IFF to further expand
offerings for clean label solutions.
Increased Private Equity and Venture Capital Investment: Private equity and venture capital funds have been active
investors in middle-market Food Ingredients companies, with the sector’s organic growth, high margins, and
consolidation opportunities being key draws. Since 2012, more than 34 financial investments were disclosed in the Food
Ingredients sector. Private equity groups are very supportive of strategies to accelerate external growth and international
development. Solina, a French company specializing in taste and visual solutions for the meat industry, has completed
more than eight acquisitions in Europe since its first buyout in 2012 backed by IK Investment and then Ardian in 2015.
10 | P a g eM&A OVERVIEW
M&A Activity (2014-2017)
The Food Ingredients industry has seen significant consolidation, averaging more than 40 transactions per year
between 2000 and 2007. Transaction activity slowed following the global financial crisis as the industry shifted
focus to organic growth and R&D investment, during which time a growing number of small players entered the
market. In 2016, M&A activity began to reaccelerate as small, innovative players sought strategic partners with
greater access to capital, brand recognition, and geographic reach. Larger Food & Beverage companies have shown
an increasing preference for suppliers with international production and supply chains, which has been a catalyst
for increased consolidation.
Source: Mergermarket
M&A OVERVIEW
Select M&A Transactions - Strategic (2016-2018)
EBITDA multiples increased from an 8.0x-10.0x average range in 2012-2014 to greater than 17.0x in 2016-2018 for
both strategic and financial transactions. The expansion in EBITDA multiples is due to the high level of liquidity in
the market and an increased buyer appetite for this asset class. For example, Iberchem (flavour brand Scentium) was
acquired by Magnum in 2013 at an EBITDA multiple of approximately 8.0x and later sold to Eurazeo in 2017 for
16.0x. In 2018, Givaudan announced a $1.8bn bid for Naturex, representing an EBITDA multiple of 24.3x.
EV/
Revenue EBITDA
Median 1.6x 19.7x
Mean 2.1x 17.3x
Target Acquirer
Date Target Target Description Acquirer
Country Country
International
Frutarom Industries, Engaged in developing, manufacturing and marketing flavours &
7-May-18 Israel Flavors & US
Ltd. ingredients
Fragrances Inc
Engaged in plant extraction and the development of natural ingredients
26-Mar-18 Naturex France Givaudan Switzerland
and solutions for the food, health and beauty sectors
Meroar S.A. (70% Argentina-based company that researches, develops, manufactures and Frutarom
14-Mar-18 Argentina Israel
Stake) markets flavours and fragrances Industries, Ltd.
Sichuan Weizhinong China-based company engaged in manufacture & sales of food condiment; Chongqing Fuling
2-Mar-18 Food Co., Ltd.; Sichuan China;China China-based company engaged in manufacture and sales of food Zhacai Group Co., China
Hengxing Food Co., Ltd. condiment Ltd.
Sensient
8-Feb-18 GlobeNatural Peru Peru-based natural food and ingredient company Technologies US
Corporation
Netherlands-based company providing stabilizers to health and food
1-Feb-18 Acatris Holding BV Netherlands Caldic B.V. Netherlands
ingredients company
California Natural Manufacturer of specialty rice and soy-based ingredients for blue-chip
30-Jan-18 US Gehl Foods, LLC US
Products Inc. consumer food brands
Source: Mergermarket
11 | P a g eM&A OVERVIEW
Select Transactions – Strategic (2016-2018) (Continued)
Target Acquirer
Date Target Target Description Acquirer
Country Country
Meroar S.A and Frutarom
14-Mar-18 Argentina Argentina-based companies that manufacture flavors and fragrances Israel
Meroaromas S.A. Industries, Ltd.
Estrategia en Alimentos Mexico-based company that produces ready-to-use food ingredients and
10-Jan-18 Mexico Eurogerm SA France
SA preparations for the milling, baking and pastry industry
US-based company engaged in producing organic flavours for food and
21-Dec-17 Natural Flavors Inc. US Firmenich SA Switzerland
beverage industry
20-Dec-17 Essential Italy Plant and Fruit based natural colouring and flavouring ingredient Roha Dyechem India
Bremil Industria De
Brazil-based manufacturer and supplier of food additives and flavourings Frutarom
20-Dec-17 Produtos Alimenticios Brazil Israel
solutions Industries, Ltd.
Ltda.
Citratus Fragrâncias
06-Dec-17 Indûstria e Comércio Brazil Brazil-based company that manufactures fragrances Symrise AG Germany
Ltda
17-Nov-17 Amyris Brasil Ltd Brazil Develops renewable compound for variety of markets Royal DSM Netherlands
National Company for
Egypt based company manufacturing fructose and glucose syrups, starches Cairo Three A
15-Nov-17 Maize Products Egypt Egypt
and modified starches for pharmaceutical, food, textile and paper industry Group
(97.67% Stake)
US-based provider of nutraceutical and functional ingredients for the Innophos
6-Nov-17 NutraGenesis LLC US US
dietary supplement Holdings, Inc.
FMC Corp (Health and Diversified chemical company that provides solutions, applications, and
1-Nov-17 US DowDuPont US
Nutrition Business) products for the agricultural, consumer, and industrial markets worldwide.
Norway-based company engaged in manufacture and supply of spices,
Orkla Food
25-Oct-17 Arne B. Corneliussen AS Norway marinades, flavourings, starter cultures and other functional ingredients, Norway
Ingredients AS
and providing packaging solutions
Mighty International Thailand-based manufacturer of food ingredients, headquartered in Frutarom
18-Oct-17 Thailand Israel
Co.,Ltd. Bangkok. Industries, Ltd.
11-Oct-17 Ganeden, Inc. US US-based manufacturer and supplier of probiotics and probiotic bacteria. Kerry Group Ireland
Canada-based provider of dyes, pigments, flavours and extracts for the
6-Oct-17 Colarome inc. Canada Capol GmbH Germany
natural ingredient sector
Centroflora Group,
20-Sep-17 Brazil Brazil-based division that manufactures functional ingredients Givaudan SA Switzerland
Nutrition Division
Spain-based company engaged in formulation, mixing and
8-Sep-17 Grama Aliment S.L. Spain commercialization of preparations, ingredients, spices and additives for the Solina Group SAS France
food industry
Geovita Functional
Italy-based company engaged in the production and sale of legumes, rice,
6-Sep-17 Ingredients, S.r.l (52% Italy Ebro Foods SA Spain
fast-cooking grains and other healthy ingredients
Stake)
Muehlehof Gewuerze Frutarom
22-Aug-17 Switzerland Switzerland-based flavour and food ingredient producer Israel
AG Industries, Ltd.
Flavours and Essences United Frutarom
15-Aug-17 UK-based producer of flavours and natural colours Israel
(UK) Limited Kingdom Industries, Ltd.
Novel Ingredient Innophos
1-Aug-17 US US-based provider of dietary supplement ingredient solutions US
Services, LLC Holdings, Inc.
Chemcolour Industries New New Zealand-based company engaged in importing, manufacturing and
25-Jul-17 Azelis S.A. Belgium
Ltd Zealand marketing of specialty chemicals and food ingredients
Specializes in dairy ingredients, fonds, stocks, vegetable extracts among
11-Jul-17 Vika B.V. Netherlands Givaudan SA Switzerland
which kiwi extracts and other specialty ingredients
Flavour Ingredient T.Hasegawa Co,
3-Jul-17 US US-based company engaged in the production and sales of food flavourings Japan
Holdings, LLC Ltd.
Illinois Corn Processing, Pacific Ethanol
27-Jun-17 US US-based producer of ingredients and distillery products US
LLC Inc.
SDFLC Brasil Indústria E Brazil-based company that develops taste solutions for ice creams and Frutarom
25-Jun-17 Brazil Israel
Comércio Ltda. desserts, including flavors, coatings, and glazings Industries, Ltd.
8-Jun-17 Ben Alimentos Ltda Brazil Brazil-based company that produces dairy-based ingredients Kerry Group Plc Ireland
Archer Daniels
6-Jun-17 Chamtor SA France France-based producer of wheat-based glucose, starch and proteins US
Midland Company
5-May-17 Eis Gräbner Germany Manufacturer of ice-cream ingredient Orkla Norway
International
Columbia
10-Apr-17 US Engaged in manufacturing of fruit and vegetable powder Flavours & US
Phytotechnology
Fragrances
Source: Mergermarket and Capital IQ
12 | P a g eM&A OVERVIEW
Select Transactions – Strategic (2016-2018) (Continued)
Target Acquirer
Date Target Target Description Acquirer
Country Country
Orchard Valley Foods United Produces, markets, and distributes confections, edible decorations, and Orkla Food
3-Apr-17 Norway
Limited (85% Stake) Kingdom powder food ingredients to UK bakery, chocolate and ice cream market Ingredients AS
27-Mar-17 Supremia Grup S.R.L. Romania Romania based producer and supplier of food ingredients Solina Group SAS France
Rathi Food Industries Empire Spices &
1-Mar-17 India India-based manufacturer of spices; India-based manufacturer of spices India
Private Limited Foods Limited
Tianning Flavour & China-based company engaged in the manufacturing and exporting of
21-Feb-17 China Kerry Group Plc Ireland
Fragrance fragrances, food additive and other chemical products
Australia-based company produces beverage, sweet & savoury flavours for
21-Feb-17 Taste Master Pty. Ltd. Australia Kerry Group Plc Ireland
snack and meat & culinary industries
15-Feb-17 Ojah Netherlands Engaged in production of meat substitutes Korys Belgium
South Africa-based company which develops and supplies natural and Frutarom
9-Feb-17 Unique Flavors South Africa Israel
artificial flavours within Africa Industries, Ltd.
Brazil-based supplier of special ingredients and premixes as well as bakery
3-Jan-17 Palsgaard Candon S.A. Brazil Palsgaard A/S Denmark
emulsifiers to the food industry
1-Dec-16 Main Process Argentina Producer of food preparation ARGANA Austria
Italy-based manufacturer of natural flavours, aromatic herbal extracts, and McCormick &
29-Nov-16 Enrico Giotti S.p.a. Italy US
concentrated juices Company Inc.
Sosa Ingredients SL Spain-based manufacturer of premium ingredients for gastronomy and Savencia Fromage
24-Nov-16 Spain France
(40% Stake) pastry & Dairy
Proveedores De Frutarom
10-Nov-16 Mexico Mexico-based producer of food ingredients and flavours Israel
Ingenieria Alimentaria Industries, Ltd.
Brazil-based manufacture of flavors and plant-based extracts for alcoholic Frutarom Israel
13-Oct-16 Nardi Aromas Ltda. Brazil
drinks and carbonated beverages Industries, Ltd.
International
13-Sep-16 David Michael & Co US US-based flavours company Flavors & US
Fragrances Inc
InterHealth
15-Aug-16 US Development of nutritional ingredient Lonza Group Switzerland
Nutraceuticals
Engaged in developing, producing and marketing of innovative specialty
Redbrook Ingredient Ireland Frutarom
3-Aug-16 savory taste solutions includes seasoning and functional blends, marinades, Israel
Services Limited (Republic) Industries, Ltd.
glazes, cures and specialty ingredients for food processors
US-based manufactures and sells ingredients and equipment to wholesale Vantage Specialty
20-Jul-16 Mallet & Company, Inc. US US
baking and food processing industries worldwide Chemicals, Inc.
Spicetec Flavors & US-based company engaged in offering flavours, spices and savory
23-May-16 US Givaudan SA Switzerland
Seasonings seasoning solutions
Extrakt Chemie Dr.
Germany-based producer of specialty ingredient extracts, primarily for Frutarom
3-May-16 Bruno Stellmach GmbH Germany Israel
pharma, natural medications, nutritional supplements, foods and cosmetics Industries, Ltd.
&Co. KG
South Korea-based provider of food and beverage ingredients with a focus
29-Apr-16 Whanee Corporation South Korea Brenntag AG Germany,US
on dairy, functional and flavour related products
Engaged in development, production and marketing of fruit flavours,
American Fruits & Monster Beverage
23-Feb-16 US flavour systems, juices, concentrates, natural sweeteners and fruit-based US
Flavor Corporation
products
Norbert Schaller
MANE Austria
10-Feb-16 Gesellschaft m.b.H. Austria Austria-based flavours business of Norbert Schaller Gesellschaft m.b.H. Austria
GmbH
(flavours business)
Harvest Innovations US-based producer of minimally processed, expeller-pressed soy proteins, Archer Daniels
2-Feb-16 US US
(90% Stake) oils and gluten-free ingredients Midland Company
US-based company engaged in development, manufacturing of natural Takasago
Centre Ingredient
20-Jan-16 US flavours and fragrance ingredients for the food, beverage, and cosmetics International Japan
Technology, Inc.
industries Corporation
US-based manufacturer of unique food flavours, natural food colouring
Frutarom
12-Jan-16 Grow Company, Inc. US agents, cosmetic ingredients, and dietary supplements for human and Israel
Industries, Ltd.
animal consumption
Source: Mergermarket and Capital IQ
13 | P a g eTop Strategic Buyers by Deal Count (2012-YTD2018)
A total of 146 deals (109 strategic buyer and 37 financial buyer transactions) were executed since 2012, with
Frutarom Industries (21 acquisitions since 2012), ADM and Kerry Group (5 each), and Solina (4) among the major
industry consolidators during the same period.
25
21
20
(No. of deals)
15
10
5 5 4
5 3 3 3
0
Frutarom Archer Daniels Kerry Group Plc Solina Group Givaudan SA Innophos Naturex SA
Industries, Ltd. Midland SAS Holdings, Inc.
Company
Source: Mergermarket
Top Strategic Buyers by Deal Value (2012-YTD2018)
Marquee strategic transactions include the $3.1bn acquisition of Wild Flavours by Archer Daniels Midland
Company and Symrise’s $1.8bn acquisition of Diana Corp (EBITDA multiple 14.0x), both in 2014.
M&A OVERVIEW
Top Strategic Buyers by Deal Value (2012-YTD2018)
$8,000 $7,114
$7,000
$6,000
(i n USDmn)
$5,000
$4,000 $3,383
$3,000
$1,806
$2,000
$689 $536 $461
$1,000 $340 $340 $320 $282
$0
International Archer Symrise AG Monster Frutarom Eurazeo SA Givaudan SA Ingredion Mitsubishi Naturex SA
Flavors & Daniels Beverage Industries, Incorporated Corporation
Fragrances Inc Midland Corporation Ltd.
Company
Source: Mergermarket
14 | P a g eM&A OVERVIEW
Select Transactions by Financial Sponsors (2012-YTD2018)
Private equity and venture capital investors are attracted to the growth and margin profiles of Food Ingredients
companies, and with the high level of industry fragmentation, see significant opportunity to fund organic growth
and buy-and-build strategies. This trend is further indicated by robust transaction volume, strong valuation
multiples, and substantial growth of smaller companies. This is portrayed by Riverside Company’s recent
investment in Parker Products, a value-added developer of specialty ingredients.
EV/
Revenue EBITDA
Median 1.5x 12.6x
Mean 2.1x 12.1x
Target Acquirer
Date Target Target Description Acquirer
Country Country
Highlander
16-Jan-18 Chicago Custom Foods LLC US US-based manufacturer and marketer of popcorn seasoning US
Partners, L.P.
US-based developer and manufacturer of custom specialty ingredients The Riverside
2-Oct-17 Parker Products Inc US US
for food & beverage companies Company
US-based developer and manufacturer of fruit and flavour solutions for Paine Schwartz
14-Nov-17 Lyons Magnus Inc. US US
the restaurant chains, foodservice, healthcare and dairy industries Partners, LLC
US-based supplier, distributor, blender and re-packager of specialty Maroon Group,
28-Sep-17 Seidler Chemical Co, Inc US US
chemicals and ingredients LLC
Spain-based manufacturer and distributor of flavours and fragrances
3-Jul-17 Iberchem S.A. Spain Eurazeo SA France
for household, personal care, perfumery and food sectors
Belgium, Groupe Siparex;
Chemical company that develops and manufactures active ingredients, France
31-May-17 Minafin Group France, Croissance Nord-
organic intermediates and fine chemicals
Luxembourg Pas-de-Calais
Engaged in sourcing and marketing ingredients produced by strategic
Germany,
4-Apr-17 Agridient B.V. Netherlands partners in crop-processing industries as well as ingredients used in Nimbus BV
Netherlands
industries such as food, pharmaceutical and pet food
Netherlands-based company that manufactures and produces spices, Parcom Capital Netherlands;
31-Mar-17 Koninklijke Euroma BV Netherlands
herb mixes, functional blends and liquids and paste Management Netherlands
US-based producer of specialty ingredients for food, feed, and SK Capital
2-Feb-17 Niacet Corporation US US
pharmaceutical applications such as propionates and acetates Partners
India-based manufacturer and distributor of nutritional and active
OmniActive Health Everstone Capital
2-Jan-17 India natural ingredients to the healthcare, food and personal care India
Technologies Limited Management
industries
Italy-based company engaged in the production of ice cream Charterhouse United
13-Nov-16 Optima SRL Italy
ingredients Capital Partners Kingdom
First Israel
Israel-based company engaged in manufacturing and marketing of
10-Oct-16 Galam Ltd Israel Mezzanine Israel
glucose, fructose, and starch to food and beverage industry
Investors Ltd
US-based agribusiness that manufactures clean-label, vegetable-based
7-Oct-16 Florida Food Products Inc US curing agents, preservatives, and ingredients for the food, cosmetic, Kainos Capital LP US
pharmaceutical, nutraceutical and agricultural industries
Bridges
United United
5-Oct-16 Vegetarian Express Ltd. UK-based supplier of plant-based food ingredients Sustainable
Kingdom Kingdom
Growth Fund III
France-based company that develops and distributes clinically effective
6-Sep-16 Fytexia SAS France ArchiMed SAS France
natural ingredients used in food supplements throughout the world
Sosa Ingredients SL Spain-based manufacturer of premium ingredients for gastronomy and
3-Aug-16 Spain Meridia Capital Spain
(78.7% Stake) pastry
Ecom Food Industries Canada-based producer of extracts, flavours, antioxidants, specialty Granite IV
28-Jul-16 Canada Canada
Corporation oleoresins and flavour enhancers Partners LP
Standard
Phoon Huat & Company Singapore-based company engaged in manufacturing and Supplying of
4-Jul-16 Singapore Chartered Private Singapore
(Pte) Ltd bakery, beverage, and confectionery ingredients.
Equity Limited
China, Spain-based company engaged in producing and distributing spices Portobello Capital
17-Mar-16 Ramón Sabater, S.A.U. Spain
Spain,US and ingredients for the food industry Gestion, SGECR
YesSinergy do Brasil Engaged in the production of nutritional feed additives, such as
17-Mar-16 Brazil Aqua Capital Brazil
Agroindustrial Ltda. mycotoxin binders, prebiotics and organic-mineral complexes
Source: Mergermarket
15 | P a g eM&A OVERVIEW
Select Transactions by Financial Sponsors (2012-YTD2018) (Continued)
Target Acquirer
Date Target Target Description Acquirer
Country Country
1-Feb-16 Solina Group SAS France France-based manufacturer of ingredients for the food industry Ardian France
12-Dec-15 Euro Gamma SPA Italy Italy-based producer of food colouring Corpfin Capital SA Spain
Valeo Foods Group Ireland Ireland-based company engaged in producing consumer food products CapVest Partners United
28-Jul-15
Limited (32% Stake) (Republic) including food ingredients and hot beverages LLP Kingdom
Italy-based provider of ingredients and base food products for pastry-
14-Jul-15 Irca S.p.A. (80% Stake) Italy Ardian France
making, baking and ice-cream retailing
Arbor Private
US-based manufacturer and supplier of food products and custom
10-Jun-15 Concord Foods, LLC US Investment US
ingredients
Company
Italy-based company engaged in providing functional ingredients and White Bridge
12-May-15 Campus Srl Italy raw materials for the food industry with focus on the savoury sector Investments Italy
and the meat industry S.p.A.
Pinnacle Bakery & Australia-based company engaged in manufacturing and marketing of Pacific Equity
8-Mar-15 Australia Australia
Integrated Ingredients bakery ingredients and frozen products Partners
US-based company that engages in the import, processing, and supply
Van de Vries Spice Frontenac
10-Feb-15 US;US of food ingredients to food manufacturing, bakery supply, and food US
Corporation ; Spiceco, Inc. Company LLC
distribution industries; US-based supplier of spices
24-Nov-14 Nactis Flavours France Producer of flavouring and aromatic raw ingredients MML Capital UK
Novel Ingredient Services, GenNx360 Capital
31-Mar-14 US US-based provider of dietary supplement ingredient solutions US
LLC Partners II, L.P.
Italy-based company engaged in the production of ice cream The Riverside
28-Feb-14 Optima SRL Italy US
ingredients Company
Egypt-based company that manufactures, packages, markets and
Edita Food Industries United
24-Jun-13 Egypt distributes confectionary products and food related products and Actis LLP
S.A.E. (30% Stake) Kingdom
ingredients
Adams Flavors, Foods & Valesco
7-Feb-13 US US-based manufacturer and distribution of blends, extracts and spices US
Ingredients, LLC Industries, LLC
US based company manufacturer of soup bases, flavour bases,
Mill City Capital,
5-Dec-12 JMH International, LLC US dressings, stock concentrates, sauces, gravies and seasoning blends to US
L.P.
custom formulations
Russia based company engaged in producing natural bioactive
30-Sep-12 Aquanova Rus ZAO Russia RusNano OAO Russia
substances, antioxidants, colourants and preservatives.
S H Kelkar and Company Blackstone Group
3-Sep-12 India India-based manufacturer of fragrances, flavours and aroma chemicals US
Limited (33% Stake) LP
Denmark-based company that develops natural ingredient solutions
Chr. Hansen A/S (25.66%
11-Jan-12 Denmark such as cultures, enzymes, colours and functional systems for the food, Novo A/S Denmark
Stake)
pharmaceutical, nutritional and agricultural industries
Source: Mergermarket
16 | P a g e5. PEER TRADING ANALYSIS
The overall Food Ingredients market is trading at an average EBITDA multiple of 17.7x, significantly
influenced by higher multiples in the Specialty-driven Ingredients markets. Specialty-driven Ingredients
registered an EV/EBITDA multiple of 20.8x compared to 12.2x for Commodity-driven Ingredients.
Margin (%) EV/
EBITDA EBIT Sales (x) EBITDA (x) EBIT (x)
Company Name Mkt Cap (USDm) EV (USDm) LTM LTM LTM LTM LTM
Specialty Driven Ingredients
Otsuka Holdings Co., Ltd. 26,807 25,522 12.4% 8.2% 2.3x 18.2x 27.5x
Givaudan SA 21,109 22,138 21.0% 16.3% 4.3x 20.5x 26.4x
Kerry Group Plc Class A 18,738 20,430 14.3% 10.5% 2.8x 19.8x 27.0x
McCormick & Company, Incorporated 12,980 19,015 19.4% 14.8% 3.8x 19.5x 25.6x
Chr. Hansen Holding A/S 12,223 13,090 34.1% 28.4% 10.5x 30.8x 36.9x
Symrise AG 10,993 12,738 19.8% 14.6% 3.8x 19.0x 25.8x
International Flavors & Fragrances Inc. 10,071 11,487 22.1% 17.9% 3.3x 14.8x 18.4x
Frutarom Industries Ltd 5,784 6,307 19.1% 14.3% 4.6x 24.3x 32.4x
Angel Yeast Co., Ltd. Class A 4,772 5,207 25.9% 19.1% 5.8x 22.5x 30.4x
AAK AB 3,743 4,120 8.3% 6.9% 1.3x 15.8x 18.8x
Sensient Technologies Corporation 2,931 3,583 19.3% 14.5% 2.6x 13.5x 18.0x
Naturex SA 1,530 1,735 14.3% 6.2% 3.8x 26.7x 60.9x
MGP Ingredients, Inc. 1,472 1,503 15.3% 15.1% 4.3x 28.1x 28.6x
Eurogerm SA 227 218 10.7% 8.3% 1.9x 17.4x 22.4x
Mean Mean 18.3% 13.9% 3.9x 20.8x 28.5x
Median Median 18.7% 14.6% 3.8x 19.6x 26.7x
Commodity Driven Ingredients
DowDuPont Inc. 155,675 180,917 13.0% 4.0% 2.6x 19.8x 64.1x
Associated British Foods plc 29,505 29,349 11.8% 8.4% 1.4x 12.3x 17.1x
Archer-Daniels-Midland Company 24,579 32,226 4.5% 3.2% 0.5x 11.8x 16.5x
Royal DSM NV 18,523 18,572 17.3% 11.8% 1.8x 10.3x 15.1x
Bunge Limited 10,028 16,195 2.3% 0.9% 0.4x 15.6x 38.1x
Ingredion Incorporated 8,073 9,343 18.4% 14.4% 1.6x 8.7x 11.1x
Tate & Lyle PLC 3,794 4,228 15.8% 9.8% 1.2x 7.5x 12.1x
Corbion N.V. 1,925 2,079 17.6% 14.2% 2.1x 11.7x 14.5x
Mean Mean 12.6% 8.3% 1.4x 12.2x 23.6x
Median Median 14.4% 9.1% 1.5x 11.8x 15.8x
Overall Mean Mean 16.2% 11.9% 3.0x 17.7x 26.7x
Overall Median Median 16.6% 13.0% 2.6x 17.8x 25.7x
Source: FactSet as of 11 May 2018
PEER TRADING ANALYSIS
Peer Average vs S&P Food & Beverage Index
The Food Ingredients market has outperformed the broader Food & Beverage industry with year-over-year growth
of 1.9% a little above the S&P Food & Beverage Select Industry Index (equities classified in the GICS Food &
Beverage sub-industry of the S&P Total Market Index).
MGP Ingredients saw its stock price appreciate 1,787.5% during the last five years, increasing from $4.63 in May
2013 to $87.39 in May 2018. This appreciation has been fueled by a shift from distillery to premium alcoholic
beverage products and increased whiskey sales, which have resulted in near double-digit revenue growth and
continued margin expansion.
Frutarom, which specializes in ingredients and flavour extracts for the Food & Beverage industry, witnessed a
558.0% increase in share price during the last five years, primarily attributed to acquisitive growth (21 transactions
completed in five years) and the low risk and stability of the sector.
Specialty-driven Ingredients companies have shown higher share price growth compared to their commodity-
driven ingredients peers. In addition, the Specialty Food Ingredients sector has outperformed the broader Food &
Beverage industry, driven by continued innovation, new market entrants, increased consolidation, and growing
private equity and venture capital investment.
17 | P a g ePEER TRADING ANALYSIS
Peer Average vs S&P Food & Beverage Index
(% change) 5Y 3Y 1Y 6m
Specialty Driven Ingredients
AAK 128.4% 44.6% 18.9% 13.6%
Angel Yeast 494.7% 256.3% 60.3% 4.4%
Eurogerm 195.3% 193.5% 63.0% 57.1%
Frutarom Industries 558.0% 129.3% 62.5% 22.9%
Kerry Group 96.5% 39.8% 10.0% 2.6%
McCormick & Company 43.2% 39.1% 7.0% 10.4%
Naturex 134.4% 122.2% 53.6% 47.5%
Chr. Hansen Holding 175.7% 77.9% 25.1% 3.3%
International Flavors & Fragrances 56.7% 7.0% (2.5%) (14.8%)
MGP Ingredients 1,787.5% 457.0% 62.2% 17.3%
Givaudan 80.0% 31.3% 17.4% 1.6%
Sensient Technologies 71.7% 4.4% (14.3%) (9.1%)
Symrise AG 117.5% 22.7% 9.6% 1.5%
Otsuka Holdings Co., Ltd. 47.0% 38.0% 1.9% 13.3%
Commodity Driven Ingredients
Associated British Foods 36.6% (4.5%) (4.3%) (10.7%)
Archer-Daniels-Midland 29.1% (14.8%) 4.6% 10.7%
Ingredion 56.4% 37.6% (6.0%) (13.5%)
Tate & Lyle (30.7%) (0.3%) (21.5%) (15.4%)
Corbion N.V. 63.2% 38.1% (3.0%) (0.9%)
DowDuPont Inc. 91.6% 29.0% 8.2% (5.0%)
Bunge (1.4%) (20.9%) 1.5% 7.3%
Royal DSM NV 74.0% 69.0% 29.6% 13.2%
Peer Average 39.8% 15.1% 1.9% (2.2%)
S&P Food and Beverage 59.3% 17.0% 0.9% 2.8%
Source: FactSet as of 11 May 2018
18 | P a g ePEER TRADING ANALYSIS
Peer Average vs S&P Food & Beverage
450.00
400.00
350.00
300.00
(Indexed to 100)
250.00
200.00
150.00
100.00
50.00
0.00
May-13 Mar-14 Jan-15 Nov-15 Sep-16 Jul-17 May-18
Specialty Driven Peer Average¹ Commodity Driven Ingredients Peer Average² S&P Food & Beverage
Source: FactSet as of 11 May 2018
Note 1: Specialty-driven Ingredients: AAK, Angel Yeast, Eurogerm, Frutarom Industries, Kerry Group, McCormick & Company, Naturex, Chr.
Hansen Holding, International Flavors & Fragrances, MGP Ingredients, Givaudan, Sensient Technologies, Symrise and Otsuka.
Note 2: Commodity-driven Ingredients: Associated British Foods, Archer Daniels Midland, Ingredion, Tate & Lyle, Corbion, DowDuPont,
Bunge and DSM Royal.
Historical EV/NTM EBITDA Analysis
18.0x
16.0x
14.0x
(EV/NTM EBITDA)
12.0x
10.0x
8.0x
6.0x
May-13 Mar-14 Jan-15 Nov-15 Sep-16 Jul-17 May-18
Average -Specialty Driven Ingredients¹ Average -Commodity Driven Ingredients ²
Source: FactSet as of 11 May 2018
Note 1: Specialty-driven Ingredients: AAK, Angel Yeast, Eurogerm, Frutarom Industries, Kerry Group, McCormick & Company, Naturex, Chr.
Hansen Holding, International Flavors & Fragrances, MGP Ingredients, Givaudan, Sensient Technologies, Symrise and Otsuka.
Note 2: Commodity-driven Ingredients: Associated British Foods, Archer Daniels Midland, Ingredion, Tate & Lyle, Corbion, DowDuPont,
Bunge and DSM Royal.
19 | P a g ePEER TRADING ANALYSIS
Historical EV/LTM EBITDA Analysis
23.0x
20.0x
(EV/LTM EBITDA)
17.0x
14.0x
11.0x
8.0x
5.0x
May-13 Mar-14 Jan-15 Nov-15 Sep-16 Jul-17 May-18
Average - Specialty Driven Ingredients¹ Average Commodity Driven Ingredients²
Source: FactSet as of 11 May 2018
Note 1: Specialty-driven Ingredients: AAK, Angel Yeast, Eurogerm, Frutarom Industries, Kerry Group, McCormick & Company, Naturex, Chr.
Hansen Holding, International Flavors & Fragrances, MGP Ingredients, Givaudan, Sensient Technologies, Symrise and Otsuka.
Note 2: Commodity-driven Ingredients: Associated British Foods, Archer Daniels Midland, Ingredion, Tate & Lyle, Corbion, DowDuPont, Bunge
and DSM Royal.
Total EV/NTM EBITDA vs EV/LTM EBITDA Comparison
19.0x
17.0x
(EV/ (NTM/LTM)EBITDA)
15.0x
13.0x
11.0x
9.0x
7.0x
5.0x
May-13 Mar-14 Jan-15 Nov-15 Sep-16 Jul-17 May-18
Total EV/NTM EBITDA Average Total EV/LTM EBITDA Average
Source: FactSet as of 11 May 2018
20 | P a g ePEER TRADING ANALYSIS
Historical Operating Trends
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
2016 2017 2018E 2019E 2020E
(5.0%)
Specialty Revenue Growth¹ Commodity Revenue Growth²
Specialty EBITDA Margin Commodity EBITDA Margin
Source: FactSet as of 11 May 2018
Note 1: Specialty-driven Ingredients: AAK, Angel Yeast, Eurogerm, Frutarom Industries, Kerry Group, McCormick & Company, Naturex, Chr.
Hansen Holding, International Flavors & Fragrances, MGP Ingredients, Givaudan, Sensient Technologies, Symrise and Otsuka.
Note 2: Commodity-driven Ingredients: Associated British Foods, Archer Daniels Midland, Ingredion, Tate & Lyle, Corbion, DowDuPont,
Bunge and DSM Royal.
21 | P a g e6. GLOBAL M&A PARTNERS – FOOD & BEVERAGE TEAM
EUROPE
Michael Petit Heike Jandl Benoit Roose Philipp Elsen
FRANCE AUSTRIA BELGIUM GERMANY
Managing Director Managing Director Partner Project Manager
Tel.: +33 6 30 80 71 66 Tel.: +43 1 99 00 220-0 Tel.: +32 2 627 51 21 Tel.: +49 211168 0228
Email ID: Email ID: Email ID: Email ID:
mpetit@globalma.com hjandl@globalma.com broose@globalma.com pelsen@globalma.com
Pal Farkas Ivars Pinkulis Ronald van Rijn Frederic de Boer
HUNGARY LATVIA NETHERLANDS SWITZERLAND
Partner Partner Partner Partner
Tel.: +36 1 275 1116 Tel.: +371 67212324 Tel.: +31 (0) 6 533 409 75 Tel.: +41 44 755 59 99
Email ID: Email ID: Email ID: Email ID:
pfarkas@globalma.com ipinkulis@globalma.com rvanrijn@globalma.com fdeboer@globalma.com
AMERICAS
Daniel Gomez Paulo Cury Alex Cerri Luis Ortiz
UNITED STATES BRAZIL BRAZIL MEXICO
Director Partner Associate Director Partner
Tel.: +1 312.658.4789 Tel.:+55 11 3165 5801 Tel.:+55 11 3165 5801 Tel.: +52 555520 3144
Email ID: Email ID: Email ID: Email ID:
dgomez@globalma.com pcury@globalma.com acerri@globalma.com lortiz@globalma.com
ASIA AND OCEANIA
Paul Hawkins Bingyu Chen Deepak Ladha Mihir Shah
AUSTRALIA CHINA INDIA INDIA
Managing Director Partner Managing Director Director
Tel.: +6128379 0505 Tel.: +86-106520 2002 Tel.:+91 98203 48614 Tel.: +91 98193 33693
Email ID: Email ID: Email ID: Email ID:
phawkins@globalma.com cbingyu@globalma.com dladha@globalma.com mshah@globalma.com
22 | P a g eABOUT Global M&A Partners
Established in 1999, Global M&A Partners is comprised of independent investment banking firms
structured to provide international scope and local market expertise for clients. With more than
200 M&A professionals, Global M&A Partners has deep industry experience in multiple sectors
including Food & Beverage, Consumer Products, Business Services, Energy & Mining, Healthcare &
Pharmaceuticals, Industrials, Packaging, Leisure & Retail and Information Technology. The
partnership operates in over 50 countries across 5 continents and has completed over 1,500
transactions with a combined value in excess of €42 billion over the last 5 years. M&A transactions
typically range between €20-€500 million.
Selected Transactions in Food & Beverage Ingredients
23 | P a g eYou can also read
