IFR swallows German food group for €180m

IFR Capital, an AIM-listed joint venture between food entrepreneur Heiner Kamps and Nomura spinout ACP Capital, has bought Homann Chilled Food for about €180 million – a relatively low valuation for a deal in the sector.

AIM-listed IFR Capital has bought Homann Chilled Food from Henderson European Partners.

Terms were not disclosed, but a banking source said the price was in the region of €180 million ($242 million). This would value the company at about 8.4 times its 2006 earnings before tax, depreciation and amortisation, which compares favourably with the average for deals in this sector of 12.2 times earnings.

Homann provides chilled salads and other convenience food for the retail sector. IFR said it would develop synergies from owning and operating both Homann and Nordsee, a fish restaurant and fast food chain based in Germany and Austria.

Homann is a specialist food investment vehicle created in October 2006 by Heiner Kamps, a food retail entrepreneur, and ACP Capital, an AIM-listed integrated finance provider founded by former Nomura Asset Finance executives Derek Vago and Nikolaj Larsen.

This is the vehicle’s third acquisition since it raised €135 million by listing on AIM last year, following the earlier deals for Nordsee and bakery Bastians.