The purchase of the Gloucestershire manufacturer, which specialises in seasonings, glazes and marinades, was funded by pan-European private equity firm Ambienta and completed for an undisclosed sum.
The deal follows Nactarome’s acquisition of Somerset-based Create Flavours last year.
It would allow Nactarome to expand its UK capabilities while benefiting from synergies between the two acquired companies, the Milan-based ingredients firm said. TasteConnection’s management team would remain to guide the business through its next stages of growth, it added.
Andrew Sainsbury, who co-founded of TasteConnection in 2002, said: “We see this acquisition as a great fit for both of our organisations, and believe TasteConnection will strongly complement the wider group.”
Sainsbury also thanked corporate finance advisors at law firms RSM and Womble Bond Dickinson who consulted on the buyout. The two companies were also advisors for the Create Flavours acquisition by Nactarome.
“Their advice was invaluable, steering us through the process and allowing us to achieve a fantastic result despite the events that have unfolded over the last 12 months,” Sainsbury said.
Ian Wherry, corporate finance partner for RSM, said: “This acquisition allows Nactarome and the Aromata Group to expand its platform further with another high-quality UK based investment.
“It also provides the managing shareholders the opportunity to become part of an international group alongside Create Flavours with whom they have had a long-standing relationship.”
Tom Fitzpatrick, corporate partner at WBD, commented: “We are seeing a lot of ‘bolt-on’ acquisitions where private equity backed businesses are growing through M&A deals as well as organically.
“It has been great to sell another business to Nactarome, who clearly have an appetite, and we are seeing more of Ambienta in the UK.”