An affiliate of funds advised by SK Capital Partners, LP has reached an agreement to sell Niacet Corp., a global market leader in technologies for preservation, to Kerry Group plc, the global taste and nutrition company, for $1.015 billion (€853m) on a cash-free, debt-free basis, subject to customary closing adjustments.

Following the acquisition, Niacet will be integrated into Kerry’s global food protection and preservation platform.

Jack Norris, Managing Director, SK Capital said, “We are proud and appreciative of Niacet’s accomplishments over the last four years leveraging the strong foundation the Brannen family built over many decades. We believe Niacet is well-positioned to continue this growth and flourish under Kerry’s ownership. We wish Kerry and all the employees of Niacet every success.”

Kelly Brannen, CEO and significant minority owner of Niacet commented, “This transaction affirms the reputation we have developed as a trusted industry leader with a long-dated track record of making the highest quality products in the market. Our constant focus on innovation has been key to the development and success of our new clean label products. I’d like to thank our employees for their dedication and commitment and SK Capital for its support throughout its ownership period."

"In partnership, we have strengthened and grown the company substantially, while establishing the next phase of Niacet’s growth. We view the sale to Kerry as a perfect fit. It will allow Niacet to grow at a much faster rate and sell in new markets around the world. We are very pleased to become part of the Kerry family,” added Brannen.

The transaction is expected to close by the end of the third quarter of 2021 subject to customary closing conditions and regulatory approvals.