Houlihan Lokey is pleased to announce that FONA International Inc. (FONA) has been acquired by McCormick & Company Inc. (McCormick) for $710 million. The transaction closed on December 30, 2020.
Founded more than 30 years ago, FONA is a leading independent manufacturer of flavors, with a focus on nutritional and natural products and a well-recognized brand. The company manufactures clean and natural flavors, providing solutions for a diverse customer base across various applications for the food, beverage, and nutritional markets. FONA is headquartered in Illinois and has approximately 220 employees, with a state-of-the-art manufacturing and technical innovation center.
McCormick is a global leader in flavor. With more than $5 billion in annual sales across 160 countries and territories, the company manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the entire food industry, including e-commerce channels, grocery, food manufacturers, and foodservice businesses. McCormick was founded in 1889 and is headquartered in Hunt Valley, Maryland.
This deal represents another successful transaction for Houlihan Lokey in the food and beverage industry.
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