Scandicci (FI), Italy - 12-15-2016
CP Advisors advised McCormick on the acquisition of Enrico Giotti for Eur. 120 million in cash
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.