DUBLIN, IRELAND — Kerry Group has reached an agreement to acquire Fleischmann’s Vinegar Co. and AATCO Food Industries, L.L.C. in two separate transactions valued at a combined €365 million ($414 million).
Headquartered in Cerritos, Calif., Fleischmann’s Vinegar is the world’s largest manufacturer and marketer of food-grade industrial vinegar. The company has 112 employees and operates 7 manufacturing facilities located in Alabama, California, Illinois, Maryland, Missouri, New York and Washington.
Fleischmann’s is a U.S. Department of Agriculture-certified all-natural producer of specialty ingredients.
Headquartered in Muscat, Oman, AATCO Food Industries L.L.C. is a provider of culinary sauces to the food service channel. The company operates manufacturing facilities in Sohar, Oman; Jeddah, Saudi Arabia; and Nashik, India.
“These acquisitions further expand the group’s foundational technology portfolio, as well as strengthening its food service and developing markets positioning, in line with its strategic growth priorities,” Kerry said. “Total consideration for the acquisitions is expected to be €365 million. These acquisitions have annualized revenues of approximately €150 million. The group will finance the acquisitions from existing lines of credit, and it is anticipated that the transactions will be completed prior to yearend, subject to routine regulatory and closing conditions.”