Norway-based food group Orkla has snapped up a majority stake in Icelandic firm Nonni Litli.
Through its Icelandic subsidiary Kjarnavörtur, Orkla has acquired a 66.7% stake in Nonni for an undisclosed sum. Nonni CEO Ragnar Ragnarsson owns the rest of the business.
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Nonni produces dressings, sauces and mayonnaise-bread salads for the grocery and foodservice sectors.
"The primary purpose of this acquisition is to strengthen Kjarnavörtur’s position in the grocery trade and develop its product portfolio," Orkla said.
Some 70% of Nonni's business is generated through brands, with the remainder own label, a spokesperson for Orkla said.
The deal was first revealed in Orkla's first-quarter results, which were published on Thursday. The company said Nonni had been incorporated into its financial statements from February.
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