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1 NEWSLETTER FOOD & BEVERAGE www.globalma.com

N E W S L E T T E R

January 2020 www.globalma.com

Food Ingredients

Ad d in g Ze s t t o t h e Fo o d & Be v e ra g e In d u s t ry

http://www.globalma.com/



C O N T E N T S

The Food Ingredients market is at a key phase of evolution, witnessing a pull towards functional ingredients as more F&B manufacturers focus on consumers’ demands for health focused products. Additionally, the B2C ingredients market is also demonstrating growth with more consumers engaging in leisure cooking and being attracted to exotic offerings. The industry is making several changes such as increasing R&D, improving supply chain and joining forces with niche players to gain a competitive edge over other ingredient manufacturers.

Our Global Food and Beverage Team provides extensive sector-specific expertise and close relationships with global buyers and sellers, both within your home territory and throughout the world. Many of our advisory transactions are cross-border.

Global M&A Partners – Food & Beverage Team6 25

Peer Trading Analysis5 20

Key Insights1 03

Introduction2 04

Uses

Types of Food Ingredients

Food Ingredients Market by End Use

04

05

09

Key Market Dynamics3 10

Market Drivers and Challenges

Trends

10

11

M&A Overview4 12

Overview

Major Deal Drivers

M&A Activity Overview

Select M&A Transactions - Strategic

Select M&A Transactions - Financial

12

13

14

14

18



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 $76 billion 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. The sector has largely outperformed the broader Food & Beverage market over the past decade. We expect these trends will continue to drive growth:

1

• Favorable Sector-Specific Trends: While ingredient sales span the globe, manufacturers have begun to optimize supply chains and establish regional production, R&D, and sales departments. This allows companies to capitalize on local market knowledge and spur innovation which are critical to their success in new product development, improved applications of existing products, and continuing food ingredient modernization and specialization.

• Food & Beverage Long-Term Outlook: Macro trends impacting the global Agricultural and Food & Beverage sectors are of major significance to Food Ingredients industry performance. Notably, market forces such as a growing middle class; rising disposable income in developing countries; changing consumer lifestyles; increased adoption of healthy, convenient foods; and rising demand for meal replacements and ready-to-eat foods are all sparking demand for growth and innovation in the Food Ingredients industry.

Food ingredients companies are challenged to address growing demand for and increased specialization of food products to include changing tastes and preferences. The most successful companies are proactive and take the necessary measures to address evolving consumer habits, including:

• Adapting product portfolios to satisfy new consumer trends and local regulations, resulting in a shift towards offering more value-added ingredients (versus traditional synthetic ingredients)

• Increasing local manufacturing presence and production capacity to meet customer demand

• Attracting a skilled workforce, retaining existing talent, and automating production lines

• Anticipating consumer needs concerning food properties, safety, traceability, and sustainability



Introduction

2

Food ingredients provide a wide range of applications and are an essential component in the Food & Beverage supply chain. Ingredients not only include substances added to food to achieve a desired effect, they also include food additives which serve specific technical or functional purposes during processing, storage, and packaging.

There are two types of food additives:

• Direct Food Additives: Direct additives impart specific technological or functional qualities and constitute a large segment of the food additives market. Examples include stabilizers used to help prevent separation of nutrients in fortified milk products and phosphates used as leavening agents in baked goods.

• Indirect Food Additives: Indirect additives are not intentionally added to food but may be present in trace amounts as a result of processing, packaging, shipping, or storage. Examples include adhesives or packaging components that are declared as safe materials come in contact with food in lesser amounts.

Food ingredients are derived primarily from natural or chemical sources. Natural sources include minerals; plants such as seaweed and kelp; microbiological substances (e.g., probiotics); and even crops or food items that would otherwise be discarded such as corn or citrus fruit rinds, respectively. Artificial ingredients are derived from organic chemicals such ashydrocarbons.

UsesFood ingredients allow manufacturers to produce a wide variety of foods that are enticing, tasty, nutritious, consistent, and safe. Though used in small quantities, ingredients provide a major contribution to the vast and varied food supply chain, ensuring that foods look and taste the way consumers demand. Major uses for food ingredients include:

To support nutrition delivery

To maintain product quality and freshness

To prevent spoilage during transport, storage and sale

To extend shelf-life and prevent food waste

To make some foods more affordable

To aid in the processing and preparation of foods

To make foods more appealing and ensure that familiar foods have consistent qualities



Introduction

Appearance, freshness, taste and texture are a few of the major contributions of food ingredients. They help to maintain certain desirable qualities associated with various foods by aiding in the processing and preparation of foods. Based on the functions they serve in food processing, food ingredients are classified in the following key categories by The InternationalFood Additives Council (IFAC) - a global association representing food ingredients manufacturers that strives to promote science-based regulation and the global harmonization of food ingredient standards and specifications:

The Acidity Regulators market size was worth $5.2 billion in 2018 and is expected to experience significant demand in the future owing to increasing application in beverages, condiments & dressings, sauces, bakery & confectionery and processed food.

The Food Anti-Caking Agents market is projected to witness a CAGR of 4.4%, growing from $634.8 million to $822 million during 2014-2020.

Types of Food Ingredients

Acid Regulators are used to control and alter the level of acidity or alkalinity for food processing, taste, and safety. They can also be used as thickening and flavoring agents. Adequate control of pH levels is important to inhibit growth of hazardous bacteria and ensure a longer shelf life of food products.

Regulators can be organic or mineral acids, bases, neutralizing agents, orbuffering agents. Common examples include citric, acetic, ascorbic, lactic,propionic, and sorbic acids.

Usage: Bread, fruit drinks, pie filling, meat and poultry, wine, jams and jellies, processed dairy foods.

Powdered foods often clump together and change texture after absorbing water. Anti-Caking Agents help to prevent this from taking place by keeping solid food in its free-flowing form.

Many Anti-Caking Agents are derived from natural sources, such as silicates -minerals that are among the most common on earth. Calcium silicate is a common anti-caking agent found in table salt, which helps absorb both oil and water to reduce salt particles from clumping together. Other agents include the multi-functional mannitol (also a humectant, sweetener, and texturizer) and microcrystalline cellulose (also a binder, stabilizer, and bulking agent).

Usage: Table salt, flour, sugar products, powdered milk, grated cheese, cake mixes, egg mixes.

Acid Regulators

Anti-Caking Agents



Introduction

The Food Colors Market is estimated to be $3.9 billion in 2018 and is projected to reach $5.1 billion by 2023, at a CAGR of 5.7% during the forecast period

Protective cultures are and have always been an integral part of food cultures, projected to grow at a CAGR of 23.6% from $101.1 million in 2018 to $292.1 million by 2023

Colors are used to balance and enhance naturally-occurring colors in foods. In addition, they are often used to give colorless food life, making it more appealing and fun for consumers.

Two major types of Food Colors include natural colors, often exempt from certification because they are naturally sourced from vegetables and minerals, and synthetic colors which require approval from food safety authorities. Some of the most commonly used colors include anthocyanin, carotenoids, chlorophyll, and turmeric.

Usage: Candy, margarine, beverages, cheese, jellies, yogurt, baked goods.

Colors

Food Cultures are safe, live bacteria, yeasts, or molds used in food production and a characteristic food ingredient. They occur naturally in foods or are added to provide acidification, texture, and flavor. They also provide nutritional benefits while helping to extend the shelf life of foods. Fermentation and inhibition of unwanted micro-organisms (protective) are key functions of food cultures.

Microbial food cultures include bacterial food cultures, fungi, and yeast and can broadly be divided into probiotics and starter cultures.

Usage: Dairy, meat, fish, bread, juice, fermented foods.

The Food Emulsifiers market is estimated to grow from $2.9 billion to $3.7 billion by 2023, at a CAGR of 5% during 2018-2023, mainly driven by the rise in consumption of processed foods

Emulsifiers allow water and oils to remain mixed together in an emulsion. Stabilizers, thickeners, and other gelling agents give foods a firmer texture. Though the latter names are not true emulsifiers, they help to stabilize emulsions. Thickeners enhance the texture of foods while giving low-fat, low-calorie foods the texture of full-fat, full-calorie options. These ingredients help to maintain the appearance of foods and preserve freshness and quality.

Common examples of emulsifiers include sodium alginate, agar agar, pectin, carrageenan, tragacanth, and xanthan gum.

Usage: Margarine, ice cream, bread, chocolate, processed meats.

Emulsifiers/ Stabilizers/ Thickeners

Food Cultures



Introduction

The Firming Agents segment is expected to be the fastest growing segment of the Food Glazing Agents market which was estimated at $2.6 billion in 2015 and is expected to witness a CAGR of 8.4% from 2016-2024

The Flavor Enhancers market is projected to reach $8.2 billion by 2022, at a CAGR of 5.6% from 2017-2022

Firming Agents stimulate a firming action and are added to precipitate residual pectin, thus strengthening the structure of food to prevent collapse during processing. Their major applications are to give a product consistency in texture, shelf life, and strength from improved binding ability.

Common firming agents include aluminum sulphate, calcium chloride, calcium lactate, and potassium aluminum sulphate.

Usage: Processed or canned vegetables and fruits, cheese, fish, pickles, relish.

Firming Agents

Flavors improve the taste of food. Natural and Artificial Flavors are the two main types and are used to enhance a flavor already present in food or impart flavor. The most widely-known flavor enhancer is monosodium glutamate (MSG), which is commonly used in Asian foods. Other examples include glutamic acid, guanylic acid, mono-ammonium glutamate, disodium inosinate, ethyl maltol, glycine, and sodium salt.

Usage: Candy, soft drinks, sauces, salad dressing, nutritional and dietary foods, and cereals.

Key companies in the Foaming/Anti-foaming Agent market, that primarily caters to the desserts, bakery and beverages markets, include Ingredion, Naturex, ABITEC, Gelita, Nature S.A., Rousselot, Adams Food Ingredients, Garuda International, and Desert King International

Foaming Agents help to produce foams in foods by reducing surface tension. They are commonly made from naturally-occurring materials such as licorice root and tree bark (e.g., quillaja extract). Anti-Foaming agents reduce the formation of foam in liquids and are produced from readily available materials like silicates and minerals.

Usage in Foaming Agents: Beverages, flavored waters.

Usage in Anti-Foaming Agents: Oils, jams and jellies, juice, sauces, liquid eggs.

Foaming/Anti-foaming Agents

Flavors/Flavor Enhancers



Humectants

Introduction

At a CAGR of 7%, the Humectants market is projected to reach $26.3 billion during 2017-2022, dominated by products obtained from synthetic sources

The Food Preservatives market is projected to reach $2.9 billion by 2021, from $2.6 billion in 2016, at a CAGR of ~2%, driven by demand for food products with extended shelf life and higher safety and quality standards

Humectants help to retain or prevent the loss of moisture in foods by controlling or joining water activity. They also aid in increasing shelf life by lowering microbial activity.

Sorbitol is a humectant derived from natural sugars in certain fruits, vegetables, and seaweed which has moisture-stabilizing properties. Glycerin is commonly used to control the moisture levels in foods that contain a mix of oil and water. Other well-known humectants include honey, sugar alcohols, glucose syrup, egg yolk, egg white, molasses, and alpha hydroxy acids such as lactic acid.

Usage: Dairy, fruits and vegetables, confections, baked goods.

Preservatives are used to prevent spoilage and maintain the appearance, taste, and texture of food. They are available in natural, artificial, and chemical forms.

Examples of natural food preservatives include sugars, salts, and vinegars which are used to delay bacteria growth in foods. Examples of chemical preservatives include benzoates, nitrites, sulphites, and sorbates.

Usage: Jellies, cured meat, dried fruit, oils, cereal, dressings, fruits and vegetables, baked goods.

The Polyol Sweeteners market was valued at $2.3 billion in 2016. It is projected to grow to a projected value of $3.3 billion at a CAGR of 5.9% from 2017-2022

Sweeteners are a low- to no-calorie sugar substitute. They are used in smallquantities to intensify or achieve the same level of sweetness as natural sugars.

Sweeteners are derived from a variety of sources such as plants (e.g., stevia) and artificial chemicals. Polyols or low-calorie sugar substitutes are gaining popularity, primarily driven by growing demand from health-conscious consumers. Examples include erythritol, hydrogenated starch hydrolysates, isomalt, lactitol, maltitol, mannitol, sorbitol, and xylitol.

Usage: Soft drinks, canned foods, jellies and jams, baked goods, candy, dairyproducts.

Sweeteners

Preservatives



Introduction

Ingredients have many uses, ranging from improving the nutritional profile to changing the flavor of foods. Food and beverage companies now purchase ingredients instead of producing them in-house as the manufacture of commodity ingredients is capital intensive and generates low returns.

Food Ingredients Market by End Use

Soft Drinks represents the largest ingredients end market, followed by Sauces, Dressings & Condiments, both of which consume the largest volume of ingredients in processing. Meat Products and Functional Food / Beverages / Dietary Supplements are projected to see higher growth due to increasing demand for nutritional value in food. Increasing complexity in the production of high-quality food products and the growing focus on health and nutrition are driving demand for functional and specialty ingredients in various food and beverage categories.

18%

16%

15%13%

9%

5%

5%

4%3%

12%Soft Drinks

Sauces, Dressings & Condiments

Bakery

Dairy

Confectionery

Chilled Processed Food

Sweet & Savory Snacks

Frozen Processed Food

Dried Processed Food

Others

Food Ingredients Breakdown by End Use Segments

Few facts on the application of select food ingredient categories in select end-use segments:

Beverage Stabilizers market size in 2018

$117 million

Savory Solutions Ingredients market

$2.3 billion

2017-22 CAGR of Baking Ingredients market

5.4 %

Estimated share of herbs and spices in the Sauces,

Dressings and Condiments market in the U.S. in 2019

14 %

2017-21 retail sales CAGR of cooking ingredients category in the U.S. Sauces, Dressings

and Condiments market

4.1 %



3

Key Market Dynamics

• Regulatory agencies enforce stringent and lengthy approval processes to allow commercial use of food ingredients

• Accredited agencies such as the FDA and FAO of the UN continuously monitor use of food additives, particularly in new markets

BarriersDriversRegulatory Issue

Market Drivers and Challenges

• R&D investment and the procurement and processing of ingredients makes it a capital intensivebusiness

• Obstacles include low-cost alternatives, increasing research requirements, and intensifying competition

High Barriers to Entry

• Dearth of sophisticated players with integrated operations in the food value chain

• Insufficient agriculture, processing framework and weak marketing system

Administrative Barriers

• Lack of internal experts, technology and skilled professionals, who could aid research and innovation

• Poses challenges with new opportunities and risks related to global quality standards and regulations

Industry, Academia and Skill Gap

Urbanization

Rising Disposable Income

Innovation & Technology

Government Initiatives

• According to the UN, the global population is projected to grow from 7.6 billion in 2017 to 9.7 billion in 2050, with 70% estimated to be urban

• Urbanization will further propel demand for foods withwide-ranging ingredients

• Rising disposable income and greater affordability have increased consumption of processed foods

• Consumers are willing to pay higher prices for high-quality, premium products

• Product innovation and technological advancements are expected to drive market growth

• Companies are incurring higher R&D and capital expenditures ranging from3-8% of sales

• Governments in the APAC region are focusing on production and consumption of healthy food

• Singapore’s Ministry of Health (MoH) is stepping up on disease prevention through awareness campaigns and a $15 million investment to promote healthier ingredients



Key Market Dynamics

The Food Ingredients market is expected to be shaped by the following consumer trends:

Trends

Shift from sensory to functional

• Due to increasing health and wellness considerations, there is a shift from sensory to functional ingredients

• Consumers are moving away from pre-packaged, artificial foods to natural, organic and simple ingredients, especially in developed countries

Free-from claims

• Clean label, gluten-free, protein enriched products are trending and key to industry growth mainly due to consumers’ increasing focus on a healthy lifestyle

The quest for new flavors and ingredients

• F&B manufacturers are innovating products and expect their ingredient vendors to be in-sync with this innovation process

• Ingredient manufacturers need to focus on providing them with differentiated solutions including new and exclusive ingredients

Global cuisines, local ingredients

• As consumers engage with leisure cooking, they seek unique ingredients to fulfill their fascination with global cooking styles

• Companies need to ensure that global ingredients or local alternatives giving same results are accessible to consumers as a result of their strong operational and supply chain functions

Premium ingredients

• The flavor, the color and the exoticism of the ingredient makes it an appealing premium food

• By catering to this aspect of consumers, ingredient manufacturers can command higher pricing for their premium quality offerings

Natural

• Heavily influenced by consumers, is another well-established trend of all natural and/or organic ingredients that is actively pursued by various ingredient manufacturers, large or small



4

M&A Overview

The global Food Ingredients market is highly-fragmented and comprised of diversified manufacturers such as Archer Daniels Midland Company and Kerry; large ingredients producers such as International Flavors & Fragrances, KoninklijkeDSM, Givaudan, Ingredion, and Sensient; and small- and mid-sized companies with niche product portfolios. Many innovative, small companies are offering unique product lines that include faster formulation products and customized blends (e.g., JMH International, Redbrook Ingredients, and Campus).

The shift from commodity to valued-added ingredients is expected to drive M&A with innovative, niche players identified as prime acquisition targets. Developed countries will see transaction activity rise, with technology, skilled labor, regulation, and strict patent protection acting as key drivers of deal volume. Emerging markets are also expected to show some incremental growth in M&A activity due to the rising number of health-conscious consumers.

Cash-rich companies with sustainable operating cash flows, notably Givaudan, Symrise, and Frutarom (acquired by IFF in mid-2018 for $7.1 billion), have exhibited an increasing appetite for externalgrowth.

Large corporations are looking for new ways to integrate small companies into their organizations, with an observed shift from the traditional M&A integration model (i.e., consolidation, integration, and delivery of immediate synergies) to a model granting the target more autonomy 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.

Overview

Food companies will focus on sustainable ingredients to meet consumer demand, and innovative use of technology will play a greater role in helping to protect the environment. New approaches will be required, including strategic

partnerships involving some unexpected allies. Greater collaboration across private companies, local/national governments and NGOs is also expected.

Cargill is seeking products made with sustainable ingredients and using science to address sustainability challenges in agriculture and food production and to

increase traceability. - Cargill Communications Director



M&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 to 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 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 $3.1 billion acquisition of Wild Flavours and DowDuPont’s $1.2 billion 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 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 $10 billion in its food solutions business.

Frutarom, acquired by IFF last year, 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, former 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 made 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.



M&A Overview

M&A Activity Overview

The Food Ingredients industry has seen significant consolidation, averaging more than 40 transactions per year between 2000-2007. 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 2015, 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. Though the activity volume ceased in 2018, International Flavors & Fragrances Inc.’s ~$7 billion acquisition deal of Frutarom Industries contributed to major M&A value.

715 18

9 9

12

13

21

915

$0.6B

$2.3 B$2.0 B

$7.5 B

$1.8 B

0

2

4

6

8

10

0

10

20

30

40

50

2015 2016 2017 2018 2019YTD

Deal V

alue ($B)D

eal C

ount

(#)

Deals with Deal Values Deals without Deal Values Deal Value ($B)

M&A Activity (2015-2019)

EBITDA multiples increased from an 8.0x-10.0x average range in 2012-2014 to greater than 14.0x in 2017-2019 for strategic 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.

Ann. Date Target Company Target Description Country Bidder Company CountryEV

($M)

15-Dec-19Nutrition & Biosciences business of DuPont de Nemours

Comprises healthy and sustainable solutions for the food, beverage, and dietary supplement industries

USAInternational Flavors & Fragrances Inc.

USA 26,200.0

16-Dec-19 Zumbro River Brand, Inc.Engages in producing and packaging food ingredients and finished products

USA Balchem Corporation USA -

26-Nov-19 Barentz B.V.Distributes, markets, and sells ingredients worldwide

Netherlands Cinven LimitedUnited Kingdom

-

15-Oct-19 Zhejiang Hisyn PharmaceuticalManufactures and distributes active pharmaceutical ingredients

ChinaZhejiang Starry Pharmaceutical Co., Ltd.

China 129.5

14-Oct-19 Arlès Agroalimentaire SASDistributes food ingredients, functional additives, and plant ingredients

France Caldic B.V. Netherlands -

20-Sep-19Inno-Cosmic Sdn Bhd; Nation Maple Sdn Bhd

Distributor of instant beverage raw materials

Malaysia Connell USA USA -

18-Sep-19Vamo produkten voor de Bakkerij B.V.

Producer of specialized concentrates and ingredient mixes for the bakery market

Netherlands Sonneveld Group B.V. Norway -

3-Sep-19 Broer Bakkerijgrondstoffen B.V.Producer of bakery ingredients including patisserie pastes, powders, almond paste, persipan, and marzipan

Netherlands Sonneveld Group B.V. Norway 6.7

1-Jul-19 Kochhaus GmbHEngaged in providing cooking recipes and supplier of food ingredients

GermanyAntonio Viani Importe GmbH

Germany -

17-Jun-19 Food Blessing Co., Ltd. Maker of sauce and seasoning products ThailandThaifoods Group Public Company Limited

Thailand 9.0

Select M&A Transactions - Strategic

Select Strategic M&A Transactions (2017-2019)

19

28

39

17

24

2019



M&A Overview


($M)

3-Jun-19 Wiberg Corporation, Inc.Company that specializes in savory solutions like seasoning blends, spices and functional ingredients for the food industry

CanadaInternational Flavors & Fragrances Inc.

USA -

3-Jun-19 Prinova Group LLCEngaged in global distribution of food ingredients to the food and nutrition industries

USA Nagase & Co., Ltd. Japan 621.0

23-May-19 Sky Valley Foods LLCEngaged in production and distribution of organic food dressings, condiments and sauces

USA Litehouse, Inc. USA -

20-May-19 Golden FrogManufacturer of fine flavors, fragrances, and essential oils

Vietnam Givaudan SA Switzerland -

30-Apr-19 VKL Seasoning Pvt. Ltd Manufacturer of seasonings and flavors India Firmenich SA Switzerland -

2-Apr-19 Van Law Food Products, Inc.

Engaged in manufacturing of liquid food products including salad dressings, sauces, marinades, syrups, beverage bases and flavorings

USA Stir Foods, LLC USA -

15-Mar-19 Erich Ziegler GmbHProvides natural citrus flavor ingredients for flavor, food, and beverage

GermanyArcher Daniels Midland Company

USA -

11-Mar-19 Valbona SpA

Engaged in the business of providing pickles, brining fruits, vegetables, and manufacturing salad dressings, vegetable relishes, sauces, and seasonings

Italy Polli SpA Italy -

5-Mar-19 Guangdong Chubang FoodCompany engaged in production of condiment

ChinaJonjee Hi-tech Industrial and Commercial Holding Co., Ltd.

China 251.8

20-Feb-19 Watson Inc. Non-dairy food ingredient business USA Glanbia Nutritionals, Inc. Ireland 89.0

4-Feb-19 Yantai Andre Pectin Co. Ltd. Producer of specialty food ingredient China Royal DSM N.V. Netherlands -

31-Jan-19

American Dehydrated Foods, Inc.; International Dehydrated Foods, Inc.; IsoNova Technologies LLC

Engaged in the processing and supplying premium poultry ingredients to pet-food manufacturers

USA Symrise AG Germany 900.0

17-Jan-19 Euroconsultant Sp. z oDistributor of flavors, shelf life extenders and other products predominantly for the meat segment

Poland Azelis S.A. Belgium -

11-Jan-19 A L'OlivierProducer of olive oils, flavored vinegars and salad dressings

France The Daregal Group France -

12-Dec-18 Crest Cellulose Private Ltd.Manufacturer of pharmaceutical excipients and food ingredients

India Roquette Freres S.A. France -

1-Nov-18 Flavormatic Industries Inc.Developer, producer and supplier of essential oils, powdered and liquid flavors, flavored juice blends and cloud emulsions.

USA Flavor Producers Inc USA -

17-Sep-18 Senomyx Inc.

Engaged in discovering, developing, and commercializing flavor ingredients and natural high intensity sweeteners for the packaged food, beverage, and ingredient supply industries

USA Firmenich SA Switzerland 69.0

14-Sep-18 NutramaxCompany specializing in the production of ingredients and additives for various sectors

Brazil Disproquima Spain -

12-Sep-18Guangzhou Baihua Flavors and Fragrances Co., Ltd.; Guangzhou Huatang Co., Ltd.

Sugar producer; manufacturer of seasoning fragrance and forage fragrance

ChinaLonkey Industrial Co., Ltd. Guangzhou

China -

13-Jul-18 Harold T. Griffin Inc.Manufacturer and supplier of food ingredients and blending solutions

Canada Caldic B.V. Netherlands -




M&A Overview


($M)

7-May-18 Frutarom Industries, Ltd.Develops and manufactures flavors and ingredients used in the F&B, pharma, nutraceutical and cosmetic industries

IsraelInternational Flavors & Fragrances Inc.

USA 7,035.9

13-Apr-18 Garrett Ingredients LtdSupplies a range of dairy products, sugars, stabilisers, emulsifiers, dextrose, and glucose

United Kingdom

Kent Foods, Ltd.United Kingdom

2.6

30-Mar-18 Carolina Ingredients, LLCManufacturer of organic seasonings and food ingredients

USA Mitsubishi Corporation Japan -

26-Mar-18 Naturex SAManufacturer of natural ingredients for food, dietary supplement and nutraceutical, pharmaceutical and cosmetic industries

France Givaudan SA Switzerland 1,811.9

8-Feb-18 GlobeNatural Natural food and ingredient company Peru Sensient Technologies USA 8.7

1-Feb-18 Acatris Holding BVProvides stabilizers to health and food ingredients companies

Netherlands Caldic B.V. Netherlands -

30-Jan-18 California Natural Products Inc. Manufacturer of specialty rice and soy-based ingredients for blue-chip consumer food brands

USA Gehl Foods, LLC USA -

17-Jan-2018 Citratus FragrancesCitratus develops and manufactures fragrances, flavors and essencial oils

Brazil Symrise Germany -

10-Jan-18 Estrategia en Alimentos SAProduces ready-to-use food ingredients and preparations for the milling, bakingand pastry industry

Mexico Eurogerm SA France -

21-Dec-17 Natural Flavors Inc.Engaged in producing organic flavors for the food and beverage industry

USA Firmenich SA Switzerland -

20-Dec-17Bremil Industria De Produtos Alimenticios Ltda.

Manufacturer and supplier of food additives and flavorings solutions

Brazil Frutarom Industries, Ltd. Israel 73.0

15-Nov-17National Company for Maize Products

Manufactures fructose and glucose syrups, starches and modified starches for pharmaceutical and food industry

Egypt Cairo Three A Group Egypt 82.0

6-Nov-17 NutraGenesis LLCProvider of nutraceutical and functional ingredients for dietary supplements

USA Innophos Holdings, Inc. USA 27.3

25-Oct-17 Arne B. Corneliussen AS

Engaged in manufacture and supply of spices, marinades, flavorings, starter cultures and other functional ingredients, and providing packaging solutions

Norway Orkla Food Ingredients AS Norway -

18-Oct-17Mighty International Co.,Ltd.; Maharaj Food Co. Ltd.

Manufacturer of food ingredients Thailand Frutarom Industries, Ltd. Israel -

9-Oct-17 Probelte Biotecnologia S.L.Developer and manufacturer of ingredients used in natural dietary supplements

Spain Euromed S.A USA -

6-Oct-17 Colarome inc.Provider of dyes, pigments, flavors and extracts for the natural ingredient sector

Canada Capol GmbH Germany -

2-Oct-17Mae Terra Produtos Naturais e Organicos

Producers of organic food ingredients Brazil Unilever PlcUnited Kingdom

-

28-Sep-17 Seidler Chemical Co, IncSupplier, distributor, blender and re-packager of specialty chemicals and ingredients

USA Maroon Group LLC USA -

27-Sept-17 Kohinoor Specialty Foods India Supplier and distributor of Indian spices India McCormick & Company USA -

8-Sep-17 Grama Aliment S.L.Engaged in formulation, mixing and commercialization of preparations, ingredients, spices and additives

Spain Solina Group SAS France -

6-Sep-17 Geovita Functional IngredientsEngaged in production and sale of pulses, grains and other healthy ingredients

Italy Ebro Foods SA Spain 45.3

22-Aug-17 Muehlehof Gewuerze AG Flavor and food ingredient producer Switzerland Frutarom Industries, Ltd. Israel 7.0

15-Aug-17 Flavours and Essences Limited Producer of flavors and natural colorsUnited Kingdom

Frutarom Industries, Ltd. Israel 19.5




M&A Overview


($M)

4-Aug-17 The E.T. Horn CompanySpecialty chemicals and ingredient distributor

USA IMCD N.V. Netherlands -

1-Aug-17 Novel Ingredient Services, LLCProvider of dietary supplement ingredient solutions

USA Innophos Holdings, Inc. USA 125.0

25-Jul-17 Chemcolour Industries LtdImports, manufactures and marketsspecialty chemicals and food ingredients

New Zealand Azelis S.A.United Kingdom

-

18-Jul-17French’s Food Companies and Tigers Milk

American brand of prepared mustards, condiments, fried onions, and other food items

USA McCormick & Company USA 4,200

14 Jul 2017Citromax Essências

Operates with the manufacture of natural and artificial flavors, aimed at the beverages, biscuits, breads, cakes, dairy, confectionery, among others, sectors

Brazil Frutarom Brazil -

11-Jul-17 Vika B.V.Specializes in dairy ingredients, foods, stocks, vegetable extracts among other specialty ingredients

Netherlands Givaudan SA Switzerland -

3-Jul-17 Flavor Ingredient Holdings, LLC Produces and sells food flavorings USA T.Hasegawa Co, Ltd. Japan -

27-Jun-17 Illinois Corn Processing, LLCProducer of ingredients and distillery products

USA Pacific Ethanol Inc. USA 61.0

23 Jun 2017Rover Indústria e Comércio de Produtos Alimentícios

Focuses on the production of fruit preparations, toppings and fillings

Brazil Döhler Germany -

6-Jun-17 Chamtor SAProducer of wheat-based glucose, starch and proteins

FranceArcher Daniels Midland Company

USA -

31 May 2017 ItacelOffers a large range of products, such as binders, fillers, and disintegrates

Brazil Roquette France -

4-Apr-17 Rene Laurent SASEngaged in development, production and marketing of flavors and natural extracts

France Frutarom Industries, Ltd. Israel 21.3

3-Apr-17 Orchard Valley Foods LimitedProduces, markets, and distributes confections, edible decorations, and powder food ingredients

United Kingdom

Orkla Food Ingredients AS Norway -

27-Mar-17 Supremia Grup S.R.L. Producer and supplier of food ingredients Romania Solina Group SAS France -

1-Mar-17Rathi Food Industries; Rambandhu Masalewale

Manufacturer of spices IndiaEmpire Spices & Foods Limited

India 7.1

21-Feb-17Tianning Flavour & Fragrance (Jiangsu) Co., Ltd.

Engaged in the manufacturing and exporting of fragrances, food additive and other chemical products

China Kerry Group plcIreland (Republic)

-

21-Feb-17 Taste Master Pty. Ltd.Produces beverage, sweet & savory flavors for snack and meat & culinary industries

Australia Kerry Group plcIreland (Republic)

-

9-Feb-17 Unique FlavorsDevelops and supplies natural and artificial flavors within Africa

South Africa Frutarom Industries, Ltd. Israel 6.7

25-Jan-17 Cajun InjectorManufactures and distributes marinade injectors, seasonings, and fry mixes

USA McCormick & Company USA -

17-Jan-17 Activ International SAEngaged in producing natural and organic flavors and extracts, natural colors and specialty grill flavors

Switzerland Givaudan SA Switzerland -

3-Jan-17 Palsgaard Candon S.A.Supplier of special ingredients, premixes and bakery emulsifiers to the food industry

Brazil Palsgaard A/S Denmark -


EV/Revenue EV/EBITDA

Mean 1.6x 15.4x

Median 1.7x 14.9x



M&A Overview

Top Strategic Buyers by Deal Value (2015-2019)

7,278

2,152

900 689 582 581 461 381 372 344 0

1,500

3,000

4,500

6,000

7,500

InternationalFlavors &

FragrancesInc.

Givaudan SA Symrise AG MonsterBeverage

Corporation

The CarlyleGroup

Nagase & Co.,Ltd.

Eurazeo SA CharterhouseCapital

Partners X LP

FrutaromIndustries,

Ltd.

Pacific EquityPartners Pty

Ltd.

Dea

l Val

ue ($

M)

M&A Activity (2015-2019)

Marquee strategic transactions include the $7.1 billion acquisition of Frutarom Industries by IFF and two acquisitions by Givaudan totaling over $2.1 billion, both in 2018.

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 Beijing Yongyu Investment Management’s $1.2 billion acquisition of Baolingbao Biology in the China market.

Select M&A Transactions - Financial


($m)

21-Oct-19 Innophos Holdings, IncLeading international producer of essential ingredients

USAOne Rock Capital Partners, LLC

USA 932

15-Aug-19 Motif Ingredients Food ingredients company USAGeneral Atlantic Service Company, L.P. ; CPT Capital

USA -

21-Jun-19 The C.F. Sauer Company Inc.Producer of spices, flavoring extracts and other food products

USAFalfurrias Capital Partners, LP

USA -

17-Apr-19 Maya Kaimal Fine Indian Foods Producer of Indian sauces and condiments USA North Castle Partners, LLC USA -

24-Jan-19 4GENE GmbH

Engaged in the development and distribution of activatable flavor and fragrance precursors for cosmetics, food and industrial fragrance warning systems

Germany

MBG Mittelstaendische Beteiligungsgesellschaft Baden-Wuerttemberg GmbH; High-Tech Gruenderfonds Management GmbH; VC Fonds BW; Goldmann International GmbH

Germany -

10-Jan-19 AlgoSource Food ingredients and supplements producer France

Pays De La Loire Developpement, SCR; Le Fonds Litto Invest SCR; Pays de la Loire Participations SAS

France -

Select Financial M&A Transactions (2017-2019)



M&A Overview


($m)

17-Oct-18 Aromata Group s.r.l.

Engaged in the manufacture of natural flavors and colors for applications in the food and beverage, pharma, nutraceutical, and cosmetics industries

Italy Ambienta Sgr SpA Italy -

18 Sep 2018AEB Bioquímica Latino Americana

A worldwide leader in biotechnological ingredients and related services for wine, food and beverage.

Brazil Apax PartnersUnited Kingdom

-

19-Jun-18 Azelis S.A.Distributor of specialty chemicals and food ingredients

BelgiumEQT Partners AB; Public Sector Pension Investment Board

Sweden -

8-Feb-18 Baolingbao Biology Co., Ltd.Engaged in the processing, manufacturing and sales of oligosaccharide, high fructose syrup and tetrahydroxy butane

ChinaBeijing Yongyu Investment Management Co., Ltd.

China 1,165.4

16-Jan-18 Chicago Custom Foods LLC Manufacturer and marketer of seasoning USA Highlander Partners, L.P. USA -

27-Nov-17 Hunjin Green Meal Co., Ltd. Distributor of food additives and ingredients South Korea Anchor Equity Partners South Korea 100.5

2-Oct-17 Parker Products IncDeveloper and manufacturer of custom specialty ingredients for F&B companies

USA The Riverside Company USA -

17-Jul-17 BakeMark USA LLCManufacturer and distributor of bakery ingredients, products and supplies

USAPamplona Capital Management LLP

United Kingdom

-

3-Jul-17 Iberchem S.A.Manufacturer and distributor of flavors and fragrances for household, personal care, perfumery and food sectors

Spain Eurazeo SA France 461.3

9-Jun-17 Irca S.p.A. Provider of ingredients and base food products for pastry-making, baking and ice-cream retailing

Italy The Carlyle Group USA -

4-Apr-17 Agridient B.V.Engaged in sourcing and marketing ingredients used in industries such as food, pharmaceutical and pet food

Netherlands Nimbus BV Netherlands -

2-Feb-17 Niacet CorporationProducer of specialty ingredients for food, feed, and pharmaceutical applications such as propionates and acetates

USA SK Capital Partners USA -

31-Jan-17 Allied Mills Pty LimitedManufacturer and distributor of bakery premixes, flour and semi-finished products

Australia Pacific Equity PartnersUnited Kingdom

344.3

2-Jan-17OmniActive Health Technologies Limited

Manufacturer and distributor of nutritional and active natural ingredients to healthcare, food and personal care industries

IndiaEverstone Capital Advisors Pvt. Ltd.

India -

Select Financial M&A Transactions (2017-2019)

EV/Revenue EV/EBITDA

Mean 2.4x 17.9x

Median 2.2x 14.5x



5

Peer Trading AnalysisThe overall Food Ingredients market is trading at an average EBITDA multiple of 15.8x, significantly influenced by higher multiples in the specialty-driven ingredients markets. Specialty-driven ingredients registered an EV/EBITDA multiple of 18.8x compared to 10.6x for commodity-driven ingredients.

Source: Capital IQ as of 28 January 2020

EBITDA EBIT Sales (x) EBITDA (x) EBIT (x)

Company Name Mkt Cap (USDm) EV (USDm) LTM LTM LTM LTM LTM

Specialty Driven Ingredients

Givaudan SA 28,491 32,314 19.2% 14.6% 5.3x 27.7x 36.4x

McCormick & Company, Incorporated 21,550 26,058 20.8% 18.1% 4.8x 23.1x 26.4x

Otsuka Holdings Co., Ltd. 24,345 23,999 14.8% 9.7% 1.9x 12.8x 19.6x

Kerry Group plc 21,959 24,298 14.0% 11.4% 3.1x 22.0x 26.9x

International Flavors & Fragrances Inc. 13,202 17,530 21.8% 15.6% 3.5x 15.9x 22.1x

Symrise AG 13,812 15,161 20.0% 13.6% 4.1x 20.4x 29.9x

Chr. Hansen Holding A/S 10,208 11,021 34.0% 29.6% 8.6x 25.4x 29.2x

AAK AB (publ.) 4,929 5,356 9.4% 7.5% 1.9x 20.0x 25.1x

Angel Yeast Co., Ltd 3,612 4,005 20.6% 14.3% 3.9x 18.9x 27.3x

Sensient Technologies Corporation 2,668 3,291 17.8% 13.6% 2.5x 13.9x 18.2x

MGP Ingredients, Inc. 821 864 15.7% 12.7% 2.3x 14.6x 18.1x

Eurogerm SA 152 145 10.3% 8.0% 1.1x 10.8x 13.9x

Mean 18.2% 14.1% 3.6x 18.8x 24.4x

Median 18.1% 13.6% 3.3x 19.4x 25.8x

Commodity Driven Ingredients

DuPont de Nemours, Inc. 34,063 61,791 18.9% 12.2% 0.7x 3.8x 5.9x

Archer-Daniels-Midland Company 34,952 33,457 3.9% 2.4% 0.5x 13.3x 21.7x

Associated British Foods plc 2,508 26,300 12.2% 8.4% 1.3x 10.9x 15.9x

Koninkli jke DSM N.V. 17,810 22,197 16.2% 10.5% 2.2x 13.9x 21.3x

Ingredion Incorporated 211,126 7,856 16.1% 12.4% 1.4x 8.5x 11.0x

Tate & Lyle plc 607 5,335 17.0% 10.9% 1.5x 8.9x 13.9x

Corbion N.V. 14,948 2,215 13.9% 8.7% 2.1x 15.0x 24.2x

Mean 14.0% 9.4% 1.4x 10.6x 16.3x

Median 16.1% 10.5% 1.4x 10.9x 15.9x

Overall Mean 16.7% 12.3% 2.8x 15.8x 21.4x

Overall Median 16.2% 12.2% 2.2x 14.6x 21.7x

Margin (%) EV/



• The Food Ingredients market has underperformed as against the broader Food & Beverage industry with year-over-year growth of (8.9%), below 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 213.3% during the last five years, increasing from $15.4 in Jan 2015 to $48.2 in Jan 2020. However, the company has seen a fall of (23.2%) in share price in the last year as the sales of aged whiskey has lagged as per the company’s expectation.

• McCormick & Company, which specializes in manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to the food industry, witnessed a 117.4% increase in share price during the last five years, primarily attributed to acquisitive growth (2 transactions completed in five years).

• Specialty-driven ingredients have shown higher share price growth compared to their commodity-driven ingredients peers. In addition, the specialty food ingredients sector has outperformed the broader F&B industry, driven by continued innovation, new market entrants, increased consolidation, and growing private equity and venture capital investment.

Peer Average vs. S&P Food & Beverage Index

Peer Trading Analysis


(% change) 5Y 3Y 1Y 6m

Specialty Driven Ingredients

AAK AB (publ.) 123.5% 73.9% 33.9% 0.7%

Angel Yeast Co., Ltd 256.8% 73.0% 22.8% (1.5%)

Eurogerm SA 99.8% 30.9% (9.4%) (4.0%)

Kerry Group plc 81.1% 69.9% 16.3% 4.7%

McCormick & Company, Incorporated 117.4% 80.0% 15.6% 2.6%

Chr. Hansen Holding A/S 81.1% 37.6% (18.5%) (14.6%)

International Flavors & Fragrances Inc. 21.0% 7.0% (9.5%) (12.9%)

MGP Ingredients, Inc. 213.3% (1.1%) (23.2%) (30.0%)

Givaudan SA 65.3% 68.3% 30.1% 12.1%

Sensient Technologies Corporation 7.1% (17.7%) 9.2% (13.6%)

Symrise AG 65.8% 67.5% 28.6% 9.9%

Otsuka Holdings Co., Ltd. 43.8% 0.3% 5.6% 26.3%

Commodity Driven Ingredients

Associated British Foods plc (25.5%) 7.0% 20.1% 16.8%

Archer-Daniels-Midland Company (9.6%) (1.3%) 2.5% 5.7%

Ingredion Incorporated 7.4% (27.4%) (5.2%) 10.1%

Tate & Lyle plc 6.4% 20.2% 20.9% 8.8%

Corbion N.V. 100.1% 23.7% 11.5% (2.2%)

DuPont de Nemours, Inc. (54.3%) (64.8%) (63.5%) (12.9%)

Bunge Limited (37.4%) (20.2%) (1.9%) (2.3%)

Koninklijke DSM N.V. 128.9% 104.0% 45.7% 2.0%

Peer Average 14.5% 4.1% 4.4% 2.9%

S&P Food and Beverage 32.3% 17.5% 13.3% 5.0%



Peer Average vs. S&P Food & Beverage


Historical EV/NTM EBITDA Analysis


Note 1: Specialty-driven Ingredients: AAK, Angel Yeast, Eurogerm, Kerry Group, McCormick & Company, 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, Dow DuPont, Bunge and Koninklijke DSM NV.




0.0

50.0

100.0

150.0

200.0

250.0

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20

(Inde

xed

to 1

00)

Specialty Driven Peer Average¹ Commodity Driven Ingredients Peer Average²

S&P Food & Beverage Select Industry Index

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x


(EV/

NTM

EBI

TDA)

Average -Specialty Driven Ingredients¹ Average -Commodity Driven Ingredients ²



Historical EV/LTM EBITDA Analysis


Total EV/NTM EBITDA vs. EV/LTM EBITDA Comparison







5.0x

8.0x

11.0x

14.0x

17.0x

20.0x

23.0x


(EV/

LTM

EBI

TDA)

Average - Specialty Driven Ingredients¹ Average Commodity Driven Ingredients²

5.0x

7.0x

9.0x

11.0x

13.0x

15.0x

17.0x

19.0x


(EV/

(NTM

/LTM

)EBI

TDA)

Total EV/NTM EBITDA Average Total EV/LTM EBITDA Average



Historical EV/LTM EBITDA Analysis





(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2016 2017 2018 2019 2020E

Specialty Revenue Growth¹ Commodity Revenue Growth²

Specialty EBITDA Margin Commodity EBITDA Margin



Overview of GMAP Food and Beverage Team

6EUROPE

Michael Petit* Managing Director

+33 6 30 80 71 [email protected]

FRANCE

Heike JandlManaging Director

+43 1 99 00 [email protected]

AUSTRIA

Philipp ElsenDirector

+49 211168 [email protected]

GERMANY

Pal FarkasPartner

+36 1 275 [email protected]

HUNGARY

Ivars PinkulisPartner

+371 [email protected]

LATVIA

Ronald van RijnPartner

+31 (0) 6 533 409 [email protected]

NETHERLANDS

Frederic de BoerPartner

+41 44 755 59 [email protected]

SWITZERLAND

AMERICASDaniel Gomez*Director


UNITED STATES

Esteban OliveraManaging Partner


ARGENTINA

Ian MacdonellManaging Director


CANADA

Luis OrtizPartner


MEXICO

Note: * Denotes Co-heads of the Food & Beverage team

Alex CerriPartner


BRAZIL

Paul McGloneDirector


UNITED KINGDOM

Ignacio Rodríguez Vice President


CHILE

Mónica ComPartner


PERU

REST OF THE WORLDBingyu ChenPartner


CHINA

Jacob WonPartner


SOUTH KOREA

Mihir ShahDirector


INDIA



About UsEstablished in 1999, Global M&A Partners is one of the major international M&A networks comprised of independentinvestment banking firms partnering to provide international scope and local market expertise to our clients. We operatein more than 30 countries across 4 continents and have completed over 1,500 transactions during the last five yearstypically ranging from €20 to €500 million.

Our Food & Beverage team is comprised of seasoned M&A professionals from more than 18 partner countries withextensive knowledge of the dynamics and innovative changes occurring globally and locally in the Food & Beverageindustry (e.g., changing consumer preferences, rapid food innovation, shifting supply chain, etc.).

Our M&A activity in the Food & Beverage sector is robust and includes many cross-border transactions, driven byinternational growth, strategic tuck-ins, and consolidation. Given our sector experience, transaction expertise, andunparalleled access to local decision makers, we can work together to offer customized M&A solutions and premiumvaluations for our clients.

© 2019 Global M&A Partners. All rights reserved.

Select Ingredient Transactions

Overview of GMAP Food and Beverage Team


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