Tag: Mergers, Acquisitions & Divestments

Competition Commission of India approves BigBasket’s 64% stake sale to Tata Digital

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INDIA – The Competition Commission of India (CCI) has given the green light for Tata Sons’ proposal to acquire a majority stake in Alibaba-backed BigBasket. Tata Digital, a wholly-owned subsidiary of Tata Sons, had sought CCI’s approval to acquire a 64.3% stake in Supermarket Grocery Supplies, the business-to-business arm of BigBasket, through a mix of primary and secondary share purchases. This is after the group had finalised a US$1.2 billion deal to acquire a majority stake in BigBasket, of which US$200-250 million would be a primary cash infusion into the…

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ADM’s reports 76% rise in net earnings, expands feed premix offering with new acquisition

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US — Agricultural commodities trading giant ADM started the year on a high note and has reported an impressive year-over-year earnings and sales growth during the first quarter of fiscal 2021.  Net earnings attributable to ADM in the first quarter ended March 31 jumped 76% to US$689 million from US$391 million recorded in the same period a year ago. Revenues for the first quarter, on the other hand surged 26%, climbing to US$18.89 billion from $14.97 billion. “I’m pleased to share with you results that demonstrate an outstanding start to…

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Nestlé launches super premium Nescafe coffee, to acquire core brands of The Bountiful Company for US$5.75bn

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US – Swiss food manufacturing giant, Nestlé has expanded its Nescafé coffee portfolio with the addition of what it describes as a super-premium Nescafé that delivers new tastes through roasting innovation. According to Nestlé, the Nescafé Gold Blend Roastery Collection, is comprised of barista-style soluble coffees that harness the company’s unique expertise in roasting technology to deliver new taste profiles. The new portfolio is comprised of a ‘The Light Roast’  that has a smoother, more delicate taste, with notes of caramelized honey and toasted biscuit, and a ‘The Dark Roast’…

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Olam Food Ingredients to acquire US private label spices manufacturer Olde Thompson for US$950m

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US – Olam Food Ingredients has announced that it is acquiring Olde Thompson, a leading US private label spices and seasonings manufacturer, at an enterprise value of US$950 million. The company said the acquisition was made through its wholly owned subsidiary Olam Holdings Inc. According to a statement by the Singapore based firm, the acquisition aligns with its vision and accelerates its growth strategy of delivering sustainable, natural, value-added food and beverage ingredients and solutions. Established in 1944, Olde Thompson operates two highly automated bi-coastal facilities in Bayonne, New Jersey…

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Zomato files for $1.11bn IPO as food delivery surges in pandemic

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INDIA – India food delivery platform Zomato has filed for a US$1.11 billion IPO as food delivery surges in India amid a raging pandemic that has so far infceted more than 18 million people and killed over 200,000 others. Launched in 2008, Zomato is one of India’s most prominent startups, currently present in 24 countries and reported to employ more than 5,000 people, according to its website. The company, along with domestic rival Swiggy, backed by Accel, dominates the Indian food delivery market, which research firm RedSeer estimates is worth…

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Chr. Hansen Natural Colors expands pigment portfolio with acquisition of Secna Natural Ingredients Group

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DENMARK – Food ingredients company Chr. Hansen Natural Colors has announced its acquisition of food and beverage colours provider, Secna Natural Ingredients Group. The deal marks Chr. Hansen Natural Colors’ first major transaction since being acquired by private equity firm EQT and becoming a standalone company. Following the acquisition, Chr. Hansen Natural Colors will gain access to Secna Group’s pigment portfolio, which includes anthocyanins from black carrots and grape. The Denmark based company will also expand its footprint in Spain, Italy and Turkey where Secna has an established presence. Commenting…

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Unilever expands consumer health offerings with acquisition of US supplements brand Onnit

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US – Consumer goods giant, Unilever has agreed to acquire US supplements brand and lifestyle company, Onnit, as it continues to expand its consumer health offerings. Based in Austin, Texas, Onnit’s core focus is its range of supplements that aim to improve cognitive function, mood and relaxation, gut health and immunity support. The company’s portfolio also features protein powders, protein snacks, fats and oils, as well as coffee. Founded in 2010, the holistic wellness and lifestyle company also offers fitness essentials such as kettlebells and a digital content platform that…

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Tate & Lyle to sell Primary Products unit to enhance focus on its Food and Beverage Solutions

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UK – Tate & Lyle has confirmed its intentions to sell a controlling stake in its Primary Products unit to a new long-term financial partner, as it looks to focus on its Food and Beverage Solutions arm. The Telegraph, which first reported the potential sale, said that the auction could be worth up to £1.2bn (about US$1.45bn) adding that US private equity giants Apollo Global Management and Cerberus had held talks with Tate & Lyle over the sale. Historically known as one of Europe’s leading sugar producers, Tate & Lyle…

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Nestle confirms talks to buy US vitamins firm The Bountiful Company

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SWITZERLAND – World’s largest food company Nestlé has confirmed media reports that it is in talks to acquire The Bountiful Company, a New York based manufacturer of vitamins and supplements majority-owned by private-equity firm KKR. Based in Long Island New York, Bountiful has been headed up by CEO Paul Sturman since 2017 and is a branded producer of vitamins and supplements under product lines such as Nature’s Bounty, Pure Protein and Puritan’s Pride. Bountiful has manufacturing, packing, distribution, and warehouse facilities across the US and in Canada and the UK…

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Middleby enhances commercial foodservice platform following merger with Welbilt in US$4.3bn deal

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USA –The Middleby Corporation, a cooking and industrial process equipment company,  has agreed to acquire foodservice equipment manufacturer Welbilt, for about US$2.9 billion in an all-stock deal to beef up its commercial foodservice platform. Welbilt provides chefs, premier chain operations and independents with food equipment, beverage dispensing and refrigeration solutions under brands such as Cleveland, Frymaster, Kolpak and Multiplex. The companies said in a joint statement that the new combined entity will have about US$3.7 billion in combined sales for 2020, of which 73% come from the commercial foodservice segment.…

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