SK Capital Reaches Agreement to Sell Niacet for $1,015m
An affiliate of funds advised by SK Capital Partners, LP (“SK Capital”) announced today that it reached agreement to sell Niacet Corp. (“Niacet”) to Kerry Group plc, the global taste and nutrition company, for $1,015m (€853m¹) on a cash-free, debt-free basis, subject to customary closing adjustments.
Following the acquisition, Niacet will be integrated into Kerry’s global food protection and preservation platform.
Jack Norris, Managing Director at SK Capital, said, “SK Capital is privileged to have partnered with Kelly Brannen and the entire Niacet team. We are proud and appreciative of Niacet’s accomplishments over the last four years leveraging the strong foundation the Brannen family built over many decades. We believe Niacet is well-positioned to continue this growth and flourish under Kerry’s ownership. We wish Kerry and all the employees of Niacet every success.”
Kelly Brannen, CEO and significant minority owner of Niacet, commented, “We are proud of the rich heritage we have built in Niacet, dating back to when my family purchased Niacet in 1978. This transaction affirms the reputation we have developed as a trusted industry leader with a long-dated track record of making the highest quality products in the market. Our constant focus on innovation has been key to the development and success of our new clean label products. I’d like to thank our employees for their dedication and commitment and SK Capital for its support throughout its ownership period. In partnership, we have strengthened and grown the company substantially, while establishing the next phase of Niacet’s growth. We view the sale to Kerry as a perfect fit. It will allow Niacet to grow at a much faster rate and sell in new markets around the world. We are very pleased to become part of the Kerry family.”
The transaction is expected to close by the end of the third quarter of 2021 subject to customary closing conditions and regulatory approvals. Credit Suisse and The Valence Group of Piper Sandler acted as financial advisors to Niacet and Latham & Watkins LLP acted as legal counsel to SK Capital and 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).
About SK Capital
SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals and pharmaceuticals sectors. The firm seeks to build strong and growing businesses that create substantial long-term value. SK Capital aims to utilize its industry, operating and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth and profitability as well as lower operating risk. SK Capital's portfolio of businesses generates revenues of approximately $11 billion annually, employs more than 16,000 people globally and operates 150 plants in 28 countries. For more information, visit www.skcapitalpartners.com.
¹ The cash consideration of €853m is based on a prevailing exchange rate of $1.19: €1
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Schneider Electric Moves Forward With Its Sustainability Impact Targets, Mobilizing Support From Employees, Partners and Customers30.7.2021 09:32:00 EEST | Press release
Schneider Electric, the leader in the digital transformation of energy management and automation, published today its half-year progress overview on setting up and advancing on its 2021-2025 sustainability impact targets. Schneider Electric, named as the world’s most sustainable corporation 2021 by the Corporate Knights Global 100 Index, announced the acceleration of its sustainability strategy in January, aligned to its commitments regarding climate, resources, trust, equal opportunities, generations, and local communities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210729006295/en/ Schneider Sustainability Impact - H1 Results (Graphic: Business Wire) Since then, the Group has successfully launched The Zero Carbon Project, its initiative to halve carbon emissions of its top supply chain partners by 2025, a call to action already joined by 91% of them. By engaging, training, and supporting the sustainable transformation
Takeda Delivers Solid First Quarter FY2021 Results, Positioning Company to Accelerate Topline Growth and Continued Pipeline Progress30.7.2021 09:00:00 EEST | Press release
Takeda Pharmaceutical Company Limited (TOKYO:4502/NYSE:TAK) (“Takeda”) today announced financial results for the first quarter of fiscal year 2021 (period ended June 30, 2021). Based on the solid first-quarter results, the Company also confirmed its fiscal year 2021 management guidance and forecast. Fiscal year 2021 remains a year of inflection with Takeda positioned for topline acceleration and continued pipeline progress, including critical regulatory submissions, potential approvals and additional new molecular entities (NMEs) advancing in pivotal studies. Costa Saroukos, Chief Financial Officer, commented: “With the Shire integration behind us and continued transformation over the last two years, we’ve pivoted towards accelerating topline growth and investing in R&D to fuel our highly innovative pipeline. Takeda’s first-quarter results demonstrate the continued strength of our 14 global brands and, with the business momentum from this strong start to our fiscal year, we remain on t
Conviva and the Trade Desk Partner to Improve Contextual Advertising for Premium Streaming Publishers29.7.2021 20:04:00 EEST | Press release
Conviva, the intelligence cloud for streaming media, and global advertising technology leader The Trade Desk, have entered a first-of-its-kind partnership to provide the streaming advertising industry the contextual content signals needed in the bidstream to improve their connected TV campaigns based on signals and effectiveness. Together, the two companies will help premium publishers supply programmatic buyers with the network, genre, rating, length and other detailed data sorely lacking in the streaming industry while still maintaining data control. Details of the partnership, product offering, participating publishers and how premium publishers can participate and benefit, will be available via a webinar in August. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210729005953/en/ The Trade Desk + Conviva (Graphic: Business Wire) According to Conviva’s State of Streaming Advertising report, released in June 2021, only 39% o
New Harris Poll: Cybersecurity Fears May Stall COVID-19 Digital Vaccine Card Adoption in the United Kingdom, Identity Theft and Fake Cards Top List of Concerns29.7.2021 18:02:00 EEST | Press release
Anomali, the leader in intelligence-driven cybersecurity solutions, today announced availability of its latest survey conducted by The Harris Poll. The study, which gathered responses from more than 1,000 adults aged 18 and over in the United Kingdom, reveals that more than three-quarters of British adults have cybersecurity fears around the use of COVID-19 digital vaccination cards. Additional findings showed which entities respondents believe are responsible for protecting them against cyberattacks and who they believe the most likely culprits will be. A majority of respondents predict that a disruptive cyberattack will follow digital vaccine card adoption, findings also reveal confidence levels when it comes to how prepared the nation is to mount a defense. Among key findings: 76% have cybersecurity concerns related to COVID-19 digital vaccination cards. Identity theft topped the list at 51%, with fake vaccine cards that could be used to hack smartphones (44%) and data breaches (45%
QuadraGen Announces the Launch of Its Next Generation Commercial Loan Processing SaaS Platform and Edward Ho Joins As Chairman29.7.2021 17:00:00 EEST | Press release
QuadraGen announces the launch of its next generation commercial loan servicing SaaS platform to help financial institutions transform their complex loan processing capabilities. The QuadraGen Platform supports various areas of loan operations, enabling more efficient and effective processing of loan information, risk management, and decision-making. The QuadraGen SaaS platform consists of a suite of independently deployable microservices that augment existing technology, filling in gaps where processes and functions are not well executed, or replacing legacy capabilities with its next generation software. QuadraGen’s key differentiator is its team of experts, who have decades of commercial lending experience understanding and solving complex loan operation issues. Financial institutions are challenged by the size, complexity, number of participants, and speed of the loan markets. Many institutions use in-house or legacy systems that are inadequate for today’s ever-growing needs. Quadr
Comcast Announces Peacock Coming to Sky29.7.2021 16:30:00 EEST | Press release
Comcast today announced NBCUniversal and Sky will make Peacock available at no additional cost to nearly 20 million Sky customers in Europe. Beginning later this year, Peacock will make its international debut across Sky platforms, including Sky Q, NOW, and Sky Ticket, currently serving customers throughout the UK, Ireland, Germany, Italy, Austria, and Switzerland. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210729005660/en/ “Comcast’s Xfinity has been integral to the success of our go-to-market strategy with Peacock in the U.S., and we see a similar opportunity to expand internationally with Sky,” said Jeff Shell, Chief Executive Officer, NBCUniversal. “We are excited to bring Peacock to millions of Sky customers and add incredible value to their platforms with a premium catalog of the best entertainment from across NBCUniversal that is included with their subscription. By leveraging Comcast’s Xfinity platforms in the U.
BOW Group Acquires Musart, Adding Innovative Art Marketplace to Its Offering29.7.2021 16:15:00 EEST | Press release
BOW Group today announced that it has successfully completed the acquisition of Musart.com, a fast-growing online destination to buy original artworks and licensed products. This transaction will allow BOW Group to seize new opportunities in the booming digital art market. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210729005637/en/ (Photo: Musart) “BOW Group and Musart share the same passion for good yet accessible design that brings emotions to consumers at every moment of the day,” said Boris Brault, BOW Group Founder and CEO. “Together, with Musart’s unique product curation and established relationships with leading institutions, we can conquer the thriving online art market thanks to our global ecommerce, logistics and development capabilities. With Musart in our portfolio, we are expanding our offering and enhancing the growth potential of our business beyond IoT and lifestyle objects. Today, the art world is fundam
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom