CP Advisors advised McCormick on the acquisition of Enrico Giotti for Eur. 120 million in cash

CP Advisors advised McCormick on the acquisition of Enrico Giotti for Eur. 120 million in cash
Date:

15 December 2016

Place:

Scandicci (FI), Italy

McCormick & Co., Inc., a global leader in spices and flavor, has completed the purchase of 100% of the shares of Enrico Giotti S.p.A., the leading Italian flavors manufacturer. 

The transaction was signed on Nov. 29th 2016.

McCormick is a global leader in flavors with over $4.4 billion in sales and a market capitalization of approximately $12 billion. The Company manufactures and markets spices, seasonings, mixes, condiments and other flavorful products globally under its well-known brands.

Founded in 1928, Enrico Giotti has annual revenues in excess of Euro 50 million. The Company is well-known for its continue investments in scientific research and  is a leading manufacturer of natural and organic flavors, extracts of herbs, fruit juice concentrates and a wide range of aromatic bases for all food sectors: beverage, liquor, food, bakery products and confectionery.

CP Advisors acted as the exclusive financial advisor to McCormick on the acquisition of Enrico Giotti for Eur. 120 million ($127 million) in cash. The transaction multiple is expected to be approximately 12 times EBITDA.