Singapore-based agribusiness group Olam International is to acquire two UK food-ingredients firms for a combined GBP33.5m (US$54.1m).
Olam said yesterday (31 January) that it had signed agreements to buy an 85% stake in privately-owned Britannia Food Ingredients, or BFI, and the entire capital of Britannia Storage and Distribution.
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BFI, based in the Yorkshire town of Goole, supplies fats to confectioners and snack makers. Under the terms of the deal, Olam will buy the remaining 15% of the business within the next three years. The Singapore group said the acquisition would “significantly improve” its position in cocoa ingredients.
Britannia Storage and Distribution, also based in Goole, has a second site in Ipswich and is a logistics firm operating in the confectionery fats sector.
Olam MD and global head for cocoa Gerry Manley said: “This investment represents a further step towards integrating our business as a leading supplier of high quality cocoa ingredients and confectionery fats to the chocolate industry.”
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