Spices and seasonings specialist McCormick & Company has completed its acquisition of the Thai Kitchen and Simply Asia brands from Epicurean International for US$97m in cash.
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Both brands are easy-to-prepare imported Asian food concepts.
Robert J. Lawless, McCormick’s chairman, president and CEO, said: “We have gained a strong foothold in the Asian food category with the addition of the Thai Kitchen and Simply Asia brands. Since 2002, sales have grown at a compound annual rate of 32% and have reached $50m. We welcome the Epicurean employees and look forward to working together on the future expansion of this business.”
The purchase price is approximately 11 times 2005 EBITDA (earnings before interest, tax, depreciation and amortisation), and is to be financed through cash from operations and short-term credit facilities. McCormick has said it expected the acquisition to be accretive to its earnings and contribute to it achieving its 8% to 10% earnings per share growth target.
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