Kerry Group plc, a global taste and nutrition company, has entered into a definitive agreement to acquire part of the global lactase enzyme business of Chr. Hansen Holding A/S (Chr. Hansen) and Novozymes A/S (Novozymes) (together the Lactase Enzymes Business) on a carve out basis.
The acquisition comprises certain trade and assets of Chr. Hansen’s global lactase enzyme business and 100% of the share capital of Nuocheng Trillion Food (Tianjin) Co., Ltd, a Chinese subsidiary of Novozymes.
This acquisition is subject to European Commission approval of Kerry as a buyer and forms part of the Novozymes and Chr. Hansen merger approval process.
The Lactase Enzymes Business includes NOLA Products, which Kerry said further enhances its biotechnology solutions capability following the acquisitions of c-LEcta GmbH in March 2022, and Enmex S.A. de C.V in December 2021.
The acquisition adds enzyme technology to Kerry’s portfolio. The technology helps create lactose-free and sugar reduced dairy products, while preserving their authentic clean taste. Global demand for lactase is being driven by increased awareness of lactose intolerance, while many consumers are also choosing lactose-free for lifestyle and health reasons.
The Lactase Enzymes Business had attributable revenue of approximately €40m in 2022 with sales in more than 50 countries. Total consideration is €150m subject to routine closing adjustments, with the acquisition expected to close in the first half of 2024.
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