Amira Nature Foods Closes Strategic Acquisition in Germany
31 Jan 2014 --- Amira Nature Foods Ltd, a leading global provider of packaged Indian specialty rice, closed the previously announced acquisition of Basmati Rice GmbH, a specialty distributor of premium branded rice, particularly Basmati rice in Germany.
Basmati Rice GmbH offers rice to consumers under the ATRY, Scheherazade, Sultan, Sativa and Sadry brands. These brands can be found in over 4,000 stores across Germany and Europe including but not limited to Edeka, Markant, Metro, Mpreis, REWE, Frischeparadies as well as in certain food service distributors. In addition, Basmati Rice North America, LLC is currently selling two brands including ATRY in over 340 U.S. supermarkets including certain Wegmans Food Markets, Inc., The Fresh Market and H-E-B locations across the Northeast, Atlanta and Texas regions.
“We are extremely pleased to complete the acquisition of Basmati Rice GmbH and look forward to growing their complementary distribution in Germany, Europe and particularly in the U.S., to further expand sales of the Amira brand,” commented Karan A. Chanana, Amira’s Chairman and Chief Executive Officer. “We continue to believe this acquisition will be highly accretive as we grow our higher margin Amira branded Basmati rice business internationally and further leverage our vertically integrated operations.”
Basmati Rice GmbH generated approximately $9.0 million in sales in calendar year 2013. The transaction is expected to be accretive to Amira’s current fiscal year 2014 earnings. Details of the transaction were not disclosed.
