The transaction represents an EV/EBITDA multiple of 19.8x based on the estimated 2021 adjusted EBITDA. The estimated 2021 sales amount to about $75m.
With headquarters in Germantown, Wisconsin, and three manufacturing facilities in the vicinity, First Choice Ingredients and its approximately 100 employees produce clean label, fermented dairy and dairy-based savory flavorings for taste and functional solutions across a wide range of applications.
The company ferments and blends a variety of natural dairy products with cultures and enzymes to create clean-label taste solutions integrating sensory and functional benefits. First Choice Ingredients works as an innovation partner with food producers, flavor houses and food service suppliers in applications such as soups, snacks, salad dressings and sauces, prepared meals, sweet baking, as well as dairy products and plant-based meat and dairy alternatives.
DSM said the acquisition will be highly synergistic for both companies. DSM said it can further accelerate the growth of First Choice Ingredients by offering its products outside the US to DSM's global customer base and integrating solutions into DSM's full offering for F&B customers. The acquisition gives First Choice Ingredients access to DSM's biotechnology, fermentation knowledge, and global customer relationships.
Geraldine Matchett and Dimitri de Vreeze, co-CEOs of Royal DSM, said, "We look forward to welcoming the First Choice Ingredients people to DSM. Our companies are a great fit, with a shared passion for science-based solutions for delicious, nutritious, and sustainable food and beverage products. This acquisition is an attractive next step for DSM as we continue to build our health, nutrition, and biosciences capabilities."
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September 06, 2021 at 03:49PM
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DSM to acquire US dairy flavor company First Choice Ingredients - DairyReporter.com
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