Ambienta launches Nactarome sale, teasers out

Micaela Osella
25 October 2021

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Private equity firm Ambienta has kicked off the sale of portfolio company Nactarome Group, according to four sources familiar with the situation.

Teasers for the auction process of the Italian producer of natural flavours and ingredients were dispatched recently to financial sponsors only, the sources said. Information memoranda will be sent out in November, they added.

Mergermarket reported at the end of September that Ambienta had appointed Lazard to guide it in the exit of Nactarome Group.

The auction of the Italian producer of natural flavours and ingredients was expected to be launched in early 2022; however the strong investors' appetite for this dossier has pushed the fund owner to move the kick-off of the sale forward.

Ambienta was not available for comment. Nactarome and Lazard did not return requests for comment.

Nactarome generates EBITDA of approximately EUR 25m on EUR 130m revenues, and the asset could command a valuation of 18x-20x its EBITDA.

The portfolio company was rebranded as Nactarome in 2020 following the combination of Italian flavouring producers Aromata – in which Ambienta made its original investment in 2018 – and IPAM, as well as Nactis Flavours, a France-based aromatic raw materials, flavours and aromatic ingredients expert.

In May 2020, the group acquired Create Flavours, a UK-based producer of natural flavours for the food and beverage sector.

In April this year, it bought TasteConnection, a UK-based manufacturer of tailored and customised flavouring solutions in seasonings, provenanced ingredients blends, flavours and culinary products.