TA Associates Announces Strategic Growth Investment in Nactarome
TA Associates ("TA"), a leading global growth private equity firm, today announced a strategic growth investment in Nactarome S.p.A. ("The Company" or "Nactarome"), a leading European Group of companies specialising in the development and manufacturing of natural flavours, colours, functional ingredients and clean labels for the food and beverage industry. Upon closing of the transaction, TA will become the majority shareholder, working closing with Nactarome's Management Team, who will retain a minority equity stake. Nactarome's current investor Ambienta, Europe's largest sustainability-focused private equity investor, is expected to retain a minority equity stake as well. Financial terms of the transactions were not disclosed.
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Nactarome represents a unique, strategic asset with a complete product offering across natural flavours, colours and ingredients, addressing a range of end-markets and applications. The Company has solidified its position as a leading independent player in the European natural flavours and ingredients sector, with a diversified customer base of more than 4,200 clients served through 10 specialised production facilities across Europe.
Nactarome Management and TA will partner to further accelerate the Company's vision to become the partner of choice for the food, beverage and life science marketplace, with ongoing organic growth driven by the Company's strong presence in the sector and its focus on R&D and high-quality service, as well as international expansion and continued strategic M&A.
"We have spent the last decade building partnerships with our customers to provide them with tailor-made products, enabling them to win consumers in the moment of truth. Our mission remains to guarantee them flexibility, responsiveness and high-quality standards at all times," said Dr. Hans Udo Wenzel, NactaromeFounder and Chairman, and Luigi del Monaco, CEO of Nactarome. "We would like to thank Ambienta for their support and ambition over these past three years and welcome our new growth focused partner, TA, who shares our vision to continue our growth trajectory and expand into additional markets."
"Natural flavours and colours are a large market with a high-quality revenue model, which we believe has the potential for long-term structural growth," said Patrick Sader, Managing Director at TA and Co-Head of TA's EMEA Services Group. "We are delighted to partner with Udo and Luigi on the next phase of organic and external growth of Nactarome while continuing to prioritise its customer-centric approach and commitment to sustainability."
Mauro Roversi, Partner and CIO of Ambienta, added, "We believe that TA can provide the best continuity in the building of a large platform through the further consolidation of the sector."
The transaction is expected to close in the first quarter of 2022 and is subject to customary closing conditions and regulatory approvals. Nactarome's shareholders were advised by Lazard, Pedersoli, Facchini Rossi Michelutti Studio Legale Tributario, Ramboll and EY, while the Company's management team was advised by Fides Partners. TA was advised by Nomura, LABS Corporate Finance, Latham & Watkins, EY, Golder and Alix Partners.
Nactarome S.p.A., headquartered in Milan, Italy, now has 10 production facilities, more than 450 employees and a consolidated turnover of more than €135mn. Established in 2018 with the acquisition of AromataGroup (FiorioColori acquired in 2016) by private equity investor Ambienta SGR SpA, it has strengthened its presence and competitiveness in the European market of flavours, colours, functional ingredients and clean labels for the food and beverage industry through a series of strategic acquisitions: IPAM (Italy), Nactis Flavours (France and BNL), Create Flavours and TasteConnections (UK), Pharmorgana GmbH (Germany) and FIAS (Italy) have been acquired by the group from 2019 to date.
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries - technology, healthcare, financial services, consumer and business services - the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 550 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968. The firm's more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.
Ambienta is a European environmental sustainability investor across private and public markets. Operating out of Milan, London, Paris, and Munich, Ambienta manages over €1.5 billion in assets with a focus on investing in private and public companies driven by environmental megatrends and whose products or services improve Resource Efficiency or Pollution Control. In private equity Ambienta has completed 45 investments to date and in public equity markets, Ambienta has pioneered the world's first absolute return fund entirely focused on environmental sustainability.
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