Royal Wessanen has signed an agreement with Egeria for the sale and purchase of IZICO and all its subsidiaries for an enterprise value of €68 million on a cash and debt free basis and subject to certain adjustments on closing. Wessanen can receive an additional amount of up to €3.5 million as part of an earn-out related to the 2014 EBITDA.
The closing of the deal is subject to approval by various anti-trust authorities, including the Dutch Authority for Consumers & Markets (ACM).
This divestment is in line with Wessanen's strategy of further building its own brands such as Bjorg, Allos, Alter Eco, Bonneterre, Clipper and Zonnatura in the healthy and sustainable food market in Europe.
IZICO is a leading player in the Benelux frozen snacks markets with its brands Beckers and Bicky, next to private label products. In 2013, it realised revenue of €103.3 million, EBITDA of €9.0 million and an operating result (EBIT) of €6.2 million with on average 389 employees. It owns three production locations: for spring rolls in Katwijk, for bread snacks in Deurne and for meat snacks in Bocholt (Belgium).
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