US spice maker McCormick has announced that it has completed the purchase of the Zatarain’s business, a New Orleans-style US food brand, for US$180m in cash.
On 8 May the company announced that it had reached an agreement to acquire Zatarain’s from Citigroup Venture Capital and other investors.
The purchase price is approximately eight times Zatarain’s current year earnings before interest, tax, depreciation and amortisation, or EBITDA.
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