Orkla continues acquisition trail with purchase of Dutch bakery ingredient manufacturer
04 Sep 2019 --- Through its wholly-owned subsidiary Sonneveld Group BV, Orkla Food Ingredients has signed and completed an agreement to purchase Dutch bakery ingredient manufacturer Vamo (Vamo produkten voor de Bakkerij BV) This is the latest of a string of Orkla’s acquisitions, and the parties are not disclosing the purchase price. Vamo manufactures specialized concentrates and ingredient mixes for sale to manufacturers of artisanal and industrial bakery products. The company, which was established in 1963, also holds a leading position in Benelux in special ingredients for corn-based products, a segment that has seen good growth in Europe for several years.
Orkla is strongly positioned as a supplier of bakery ingredients and ice cream accessories in the Nordic region and selected countries in Europe. In the Netherlands, Orkla has built up a solid position through its subsidiaries Sonneveld, NIC, Broer and Laan.
“Vamo is a well-run company with a good customer base and a product portfolio that is a good fit with Sonneveld. The acquisition of Vamo will complement Sonneveld’s position as a supplier of ingredients and accessories to the bakery market,” says Peter Verhagen, CEO of Sonneveld.
Vamo’s headquarters and production facilities are located in Duiven, the Netherlands, and the company is currently owned by two private shareholders who jointly head the company. The owners also hold a 20 percent stake in the company Quattro Enzymes Solutions, in which Sonneveld owns a 60 percent interest.
The company, which had a turnover of €12.4 million (US$13.6 million) in 2018, has been consolidated into Orkla’s financial statements since September 1, 2019.
In July, Orkla completed an agreement to purchase British fudge and toffee manufacturer Confection by Design Ltd. through its wholly-owned subsidiary NIC Enterprises Ltd.
And in April, the company agreed to purchase the majority of the shares in the Greek company Stelios Kanakis Industrial and Commercial SA, with further moves for Lecora.
In March, Orkla also completed an agreement to purchase 43.5 percent of the shares of the Portuguese company Asteriscos e Reticências, SA, which produces fermented tea-based health drinks that are sold all over Europe under the Captain Kombucha brand. In the same month, the company also expanded its out-of-home sector in Sweden. Through its wholly-owned subsidiary Orkla Foods Sverige, Orkla completed an agreement to purchase Lecora, a Swedish manufacturer of frozen and chilled vegan and vegetarian dishes.
By Gaynor Selby
