Tate & Lyle PLC (TATE.L,TATYY.PK), a supplier of food and beverage ingredients, announced Thursday that it has signed an agreement to acquire China's Quantum Hi-Tech (Guangdong) Biological Co., Ltd from ChemPartner Pharmatech Co., Ltd for a total cash consideration of $237 million.
The company expects to complete the acquisition in the second quarter of 2022 calendar year, subject to approval by the shareholders of ChemPartner.
The acquisition is expected to be accretive to revenue growth and EBITDA margin for Tate & Lyle in the first year of ownership.
Quantum Hi-Tech is a prebiotic dietary fibre business in China. For the 11 months ended November 30, 2021, Quantum generated revenue of $46 million and EBITDA of $14 million.
Tate & Lyle said the deal will significantly strengthen its position dietary fibres, and extend its presence and customer offering in China and Asia.
Quantum produces its range of FOS and GOS fibres at its production site in Guangdong Province, Southern China. The management team of Quantum will join Tate & Lyle at completion.
Nick Hampton, Chief Executive at Tate & Lyle, said, "The acquisition is also very much in line with our purpose to support healthy living by improving gut health, and driving sugar and calorie reduction and fibre fortification for consumers across the world."
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