Norway: Orkla to buy SR Food
Orkla Food Ingredients, the company supplier of branded consumer goods and concept solutions to the grocery sector, has announced the acquisition of an 80% stake of SR Food through its subsidiary Dragsbaek A/S.
With the acquisition, Orkla is aiming to strengthen its position as a supplier of organic and vegetarian foods.
SR Food is a privately-owned company established in 2003. It has a wide range of products including fresh doughs, tapas and slides meats for the Nordic market.
"With the acquisition of SR Food, Orkla is developing its platform for growth in organic and vegetarian foods, and in addition strengthening its position in fresh doughs", said Pal Eikeland, Executive Vice President and CEO of Orkla Food Ingredients. "SR Food and Orkla Food Ingredients share many customers, so it will be possible to broaden distribution and expand product range. The acquisition also creates a potential for synergies between the businesses".
Financial terms were not disclosed.