Global taste and nutrition company Kerry Group has signed an agreement to acquire Hare Topco, trading as Niacet, for $1.01bn (€853m).

Kerry will acquire Niacet from an affiliate of funds advised by SK Capital Partners and other shareholders.

Niacet offers low-sodium preservation systems for meat and plant-based food for both conventional and clean label solutions. Its technologies are also used in the bakery and pharma industries.

With manufacturing sites in Niagara Falls, US, and Tiel, The Netherlands, Niacet offers its products to customers in more than 75 countries worldwide.

Niacet significant minority owner and CEO Kelly Brannen said: “This transaction affirms the reputation we have developed as a trusted industry leader with a long-dated track record of making the highest quality products in the market.

“Our constant focus on innovation has been key to the development and success of our new clean label products.”

Completion of the deal is subject to customary closing conditions and regulatory approvals and expected by this year’s third quarter.

Upon completion of the deal, Niacet will be added to Kerry’s global food protection and preservation platform.

The addition of Niacet is expected to enhance Kerry’s food protection and preservation strategy, as well as enable the company to offer new products and technologies in a broader market.

Kerry Group CEO Edmond Scanlon said: “The acquisition of Niacet’s complementary product portfolio enhances our leadership position in the fast-growing food protection and preservation market and significantly advances our sustainable nutrition ambition.”

Kerry plans to fund the acquisition using a combination of existing liquidity and a dedicated bridge facility.

The bridge facility will be repaid with the proceeds from the sale of Kerry Consumer Foods’ Meats and Meals business.