Kerry Group in $735m acquisition of US based Red Arrow Products, Island Oasis and Biothera Inc’s Wellmune
Food giant Kerry has made a $735m acquisition in the US of Red Arrow Products, Island Oasis and Biothera Inc’s Wellmune.
In the financial year 2014, the businesses being acquired had annual revenues of US$301m and earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$59m.
Kerry Group will finance the acquisitions from existing credit lines, it said today.
Red Arrow Products is a supplier of natural smoke flavours and authentic natural savoury grill flavours serving meat, culinary and food industry markets worldwide.
It is headquartered in Manitowoc, Wisconsin. The acquisition, subject to regulatory approval, is expected to complete in early December.
IslandOasis is a provider of all-natural cocktail mixes and customised beverage solutions serving ‘on-premise’, restaurant, leisure and hospitality segments of the U.S. market.
Barista Fria will complement Kerry’s existing branded foodservice offerings while Biothera Inc.’s Wellmune® business produces and markets Wellmune® branded natural food, beverage and supplement ingredient clinically proven to strengthen the immune system – improving health and wellness.
Commenting on the acquisitions, Stan McCarthy, Kerry Group Chief Executive said; “The acquisitions of Red Arrow, Island Oasis and Wellmune®, as well as significantly expanding our taste and nutritional solutions portfolio, bring a number of important innovative technology platforms to Kerry. Complementing our existing taste and nutrition leadership positioning and growth strategies, the businesses being acquired present tremendous growth opportunities throughout Kerry’s global developed and developing markets”.