Indian gherkin, jalapeno and preserved food producer the Global Green Company has acquired Belgium-based food processor the Intergarden Group for a total of EUR50m (US$64.13m), the largest such acquisition made by an Indian company in the food processing sector.
The deal, Global Green said, will provide the company with a foothold in European markets. It is already present in North America, Russia and the Asia Pacific region.
Intergarden is the largest gherkin producer in Europe, with factories located in Belgium, Hungary, Turkey and India. It produced pickled products such as gherkins, silverskin onions, sour cherries, red peppers, capers and mixed vegetables for the private label category.
The Global Green Company is a member of the US$2.1bn Thapar Group, one of India’s largest industrial conglomerates.
“This acquisition … validates the strength of our group’s business and the confidence and trust global players have in us. More than ever, it also reiterates our commitment to creating a globally successful Indian company,” said Gautam Thapar.
The acquisition makes Global Green the third-largest pickle supplier in the world, with a total turnover of $100m. The company said that it also opened avenues for expansion – significantly increasing its product range and customer base.
“In Intergarden, we have acquired a business and a set of competencies that perfectly complement our own,” said Vineet Chhabra, Global Green MD. “It extends our global footprint, giving us better access to our customers, and reinforces our commitment to “seed to shelf” service to the global retail chains.”
“For India, this acquisition is also a significant milestone,” Chhabra added. “It marks the recognition of the country’s potential in the food processing industry and confidence in our ability to be a player of significance in the global industry.”