DayDayCook (DDC), a Hong Kong-founded food business, has announced its second acquisition in recent weeks, agreeing to buy Italy’s G.L. Industry (GLI).
Like DDC, GLI produces Asian-style ready-meals.
On 26 December, DDC expanded its US footprint with the acquisition of Colorado-based Thai cuisine specialist Yai’s Thai.
The move for GLI, announced today (11 January), marks DDC’s entry into the European market. It sees DDC buying a controlling 51% stake in GLI for approximately $9.3m in cash over the next three years, plus an additional potential consideration of cash and stock based on the Italian company’s revenue and EBITDA over that period.
GLI produces ready-to-cook and ready-to-heat Asian foods for retail outlets and catering customers. The company distributes its products to more than 7,000 European retailers on a private-label basis, as well as under the GLI-owned Asiamama and Sushimama brands.
Its product range includes spring rolls, dumplings, rice, noodles and sauces.
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GLI has two production facilities and recorded revenue in 2023 of approximately $11m, derived primarily from customers in Italy.
Norma Chu, DDC’s founder and CEO, said: “Today’s announcement marks another significant milestone as the acquisition of GLI expands our growing footprint into the European market. It further underscores our commitment to expanding worldwide and in new markets bringing diverse culinary delights to our customers.
“Cristian Lin, the founder of GLI, is a remarkable entrepreneur and has made an incredible contribution to promoting Asian cuisine in Italy over the years. Cristian will remain as the CEO of GLI, and I look forward to our collaboration as we continue to innovate and spread the joy of Asian cooking to more families in Europe.”
Lin, who is GLI’s CEO, said: “I believe the union between DayDayCook and GLI provides a unique opportunity for growth, as the business of ready-Asian meals in Europe is rapidly developing. The DayDayCook brand is one we are proud to become a part of.”
Founded in 2012, DDC has built up its business through e-commerce linked to an active online presence.
It describes itself as a “leading content-driven consumer brand”, offering ready-to-heat, ready-to-cook and ready-to-eat products.
DDC says it builds brand recognition through “culinary and lifestyle content across major social media and e-commerce platforms”. It is said to have 60m active viewers in China and 3.5m paying customers there.