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Orkla invests in US ice cream ingredients and announces intention to seek a partner to further accelerate growth of its ingredients business
Category: Business News
Orkla Food Ingredients (“OFI”) has entered into an agreement to purchase 84% of the shares in Denali Ingredients, which is a leading ice cream ingredients business in the USA. The purchase price on a 100% and cash and debt free basis is USD 200 million, equivalent to NOK ~2.2 billion.
Denali Ingredients has seen strong organic growth of more than 10% p.a. over the past 15 years. The company is headquartered in Wisconsin, where it carries out manufacturing at two facilities and has 160 employees in total.
“The acquisition of Denali Ingredients is a significant and natural step for OFI into the market for ingredient solutions for the US ice cream industry. The food ingredients sector is fragmented with significant potential for further consolidation and growth. Based on these opportunities we will now initiate a process to seek a long-term partner for OFI to accelerate growth and value creation.” says Nils K. Selte, President and CEO of Orkla.
Source: Orkla