Kerry sells sweet ingredients portfolio to Advent for €500m

Kerry Group has agreed to sell its sweet ingredients portfolio to private equity major Advent International for $538m, the Irish company said.

Kerry, whose ingredients reach more than a billion people around the world, said the sale would help to refine its core taste and nutrition business, which it has recently boosted with a number of more technology focused acquisitions.

Advent, which will buy the sweet and cereal manufacturing unit through its IRCA portfolio company, said it expected to create a global leader in semi-finished food ingredients with about 1 billion euros in revenue by combining it with IRCA’s exisiting portfolio.

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Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 390 private equity investments across 41 countries, and at the time of closing of GPE X, Advent has over $100 billion in assets under management.

With 15 offices in 12 countries, Advent has established a globally integrated team of over 265 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology.

For nearly four decades, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

Source: Yahoo Finance

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