Israeli food maker Osem Investments is to buy UK kosher food distributor Yarden (“Jordan England”) in a bid to expand into the UK.
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The deal, worth GBP1.9m (US$3.1m), was made through Osem’s UK unit and will see Yarden integrated into Osem UK, the company said in a filing to the stock exchange yesterday (2 August).
Osem, in which Nestle owns a 53.8% stake, said it will pay an additional amount for the acquisition of Yarden’s inventory.
Yarden’s sales in 2008 totalled GBP7m. Its clients include Tesco, Sainsbury’s and Waitrose.
Osem reported a first-quarter net profit NIS77.1m (US$19.4m) in May, up 9% from NIS70.9m in the corresponding quarter last year.
Earnings per share rose from NIS0.64 to NIS0.70 on turnover up 8.6% at NIS847.1m.
The company said first-quarter net profit and sales had been boosted by recent acquisitions, as well as deeper penetration of Nestlé products and expansion into the chilled food sector.
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By GlobalDataOsem’s acquisitions in the past year have included; US-based Tribe Mediterranean Foods for $57m, 51% of a unit of Maabarot Products, and Foodtech International.
