McCormick Completes Acquisition of Enrico Giotti
McCormick & Company, the US-based global spices, seasoning mixes and condiments specialist, has completed its €120 million acquisition of Enrico Giotti, a leading Italian flavours manufacturer based in Florence, Italy. Giotti is well known in the industry for its innovative beverage, sweet, savoury and dairy flavour applications. Annual sales are approximately €53 million and are expected to grow at a mid-to-high single digit rate for the next several years.
The acquisition of Giotti adds greater scale to McCormick’s already substantial industrial business in the Europe, Middle East and Africa region while expanding the breadth of McCormick’s value-added flavour solutions.
The purchase price of €120 million is approximately 12 times EBITDA (earnings before interest, tax, depreciation and amortization). After absorbing transaction, integration and financing costs in 2017, the acquisition is expected to be fully accretive to EPS in 2018.
