Cross-border team advised Kerry Group plc on the sale of its Sweet Ingredients business to IRCA

Our European offices have advised Kerry Group plc on the sale of its European and North American Sweet Ingredients business to Advent International’s portfolio company IRCA, for a consideration of €500m. The transaction was subject to relevant regulatory approvals and entry into the sale and purchase agreement followed a consultation process in a number of jurisdictions on which our employment team advised.

Kerry Group plc is a leading taste and nutrition partner for the food, beverage and pharmaceutical industries. The Sweet Ingredients Portfolio is a leading manufacturer of sweet and cereals products, such as sweet particulates, chocolate confections and fruit purée with a broad range of technological capabilities, primarily serving the end markets of bakery, cereal, confectionery, dairy and ice cream in Europe and the US. 

Jon Perry, a London-based partner who led on the cross-border transaction, commented: 

It has been a privilege to advise Kerry on this rewarding transaction, which involved co-ordinating a multi-disciplinary team. Our employment team, led by Catrina Smith, was key in helping Kerry to transition the relevant workforces successfully in each of the jurisdictions and our European tax team, led by Dominic Stuttaford and Antoine Colonna, provided Kerry with tax advice for the transaction. The transaction follows on from the sale by Kerry of its meats and meals division in 2021, on which we also advised Kerry. 

The multi-disciplinary team advising on the transaction included corporate associates Hannah Culshaw, Charles Warren and Francesca Walker, as well as corporate, employment, tax and real estate teams in our offices in London, France, Germany, the Netherlands and Belgium.