Norwegian consumer goods company Dellia Group has agreed to buy Kirirom Food Production, its main supplier of dried fruit products.
The transaction values the Cambodian business at an enterprise value of $36m on a cash- and debt-free basis.
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Under the deal, Dellia will purchase 100% of the shares in a Singapore-registered company to be set up by Kirirom owner Dalis Chhorn. That entity will in turn hold all the shares in Kirirom.
Jan Storli Eriksen, Dellia’s founder and CEO, said, “Bringing Kirirom and Dellia together under one company began as a shared vision in 2022, in the mountains at Gaustablikk with Dalis Chhorn, the owner of Kirirom.”
After adjusting for net debt of about $10m, the agreed consideration for the shares is approximately $26m.
Kirirom, founded in 2013, sources its raw materials through a mix of its own farming, contract farming arrangements and purchases from cooperatives.
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By GlobalDataAt the end of 2024, the business employed around 1,000 people, including about 300 permanent and 700 temporary workers. Its workforce has since expanded to about 3,600 employees.
Following the completion of the deal, Dellia will assume control of Kirirom’s fruit cultivation operations.
As part of the transaction, Dellia will advance $1m to Kirirom to support the carve-out of ten hectares of land adjacent to the processing plant into a separate land-owning vehicle, which will be jointly owned by the group and a local nominee.
Dellia will also prefund this new land company with an additional $3.9m to buy a further 39 hectares around the factory in order “to facilitate future potential expansion” of the site.
The company said the acquisition would increase its production capacity to “take out the full potential in the Nordics and further expansion in Europe and China”.
The deal gives Dellia full control over Kirirom’s production. The Cambodian plant had capacity of 6,000t in 2025 and is expected to reach 12,000t in 2026.
Dellia noted the capital expenditure required to lift capacity has already been committed.
Kirirom has also recently installed new lines to produce Dellia’s chocolate-coated dried fruit and dates range, which the company expects to be up and running in the first quarter of 2026.
Dellia develops and markets dried fruit brands – Sunshine Delights, Dippies and A Date With – and distributes products through about 12,800 stores across the Nordics.
“The vertical integration of Kirirom will be important for the company’s growth ambitions going forward and for unifying all Dellia’s products under one global brand, Sunshine Delights,” Dellia said in a stock exchange filing.
The group also expects the deal to improve its oversight of the supply chain and lower its reliance on external suppliers.
Kirirom is the “single most important” element of Dellia’s sourcing network, with about 60% of the factory’s year-to-date volume going to the Norwegian group.
Beyond Dellia’s own volumes, Kirirom runs a contract manufacturing operation supplying an “established” international customer base, including “major international retailers and wholesalers” across the US, Pacific-Asia and Australia.
This business, excluding volumes for Dellia, accounted for roughly 40% of total production in 2025 and is expected to provide Dellia with an “immediate global foothold and access” to overseas retailers.
The acquisition is scheduled to close in the second quarter of 2026, subject to customary conditions.
Dellia, meanwhile, had completed a private placement of 650,000 new shares at Nkr310 ($30.57) per share, raising gross proceeds of Nkr201.5m.
“The private placement attracted strong interest and was multiple times covered,” the company said in a separate statement.
The company intends to use the proceeds from the private placement to fund the cash consideration payable in connection with the acquisition and to pre-fund the related land-owning company.
The proceeds will also be used to repay outstanding debt in Kirirom.
In November, Dellia reported third-quarter revenue of Nkr205.4m, up 156% compared with the year ago period.
Earnings before interest and taxes (EBIT) rose 312% to Nkr29.1m, with the EBIT margin improving to 14.1% from 8.8% a year earlier.
The recently listed company said adjusted EBIT, excluding “one-off costs related to the IPO, and restructuring expenses”, was Nkr40.3m.
Dellia has guided for 2025 revenues of about Nkr660m and 2025 EBIT, excluding IPO-related costs, of roughly Nkr100m.
On a pro-forma basis including Kirirom, revenues for 2025 are projected to be around Nkr800m.
