Through its wholly-owned subsidiary NIC Enterprises Limited ("NIC"), Orkla Food Ingredients has signed and completed an agreement to acquire the British chocolatier and confectioner County Confectionery Ltd. ("County's").
County's has a growing customer base including retailers, wholesalers and foodservice. They are a long-standing supplier to Orkla Food Ingredients in the UK.
Orkla Food Ingredients holds a strong position as a bakery ingredients supplier in the Nordic region and selected countries in Europe and has built up a robust position within the ice cream ingredients and accessories segment in the UK. Its subsidiary Orchard Valley Foods holds strong positions as a supplier of ingredients and accessories to the UK and European bakery, chocolate and ice cream market.
"County's has a long history of manufacturing high quality fudge and chocolate products. Orkla Food Ingredients and County's are a good strategic fit, and the acquisition complements Orkla Food Ingredients' position as a supplier of ingredients and accessories to the UK bakery, chocolate and ice cream market" says Tor Osmundsen, CEO NIC Group.
County's is a family-owned company established in 1983 with 95 employees. Its head office and production facilities are located in St. Ives in Cornwall, UK.
The company had a turnover of GBP 8.6 million (ca. NOK 94 million) for the financial year that ended in May 2018. The company will be consolidated into Orkla's financial statements as of 1 October 2018.
The parties have agreed not to disclose the purchase price.
Orkla is a leading supplier of branded consumer goods and concept solutions to the consumer, out-of-home and bakery markets in the Nordics, Baltics and selected markets in Central Europe and India. Orkla is listed on the Oslo Stock Exchange and its head office is in Oslo. In 2017, the Group had a turnover of NOK 40 billion, and approximately 18,000 employees as of 31 December 2017.
About Orkla Food Ingredients
Orkla Food Ingredients is the leading bakery ingredients player in the Nordic region, in addition to holding growing market positions in selected countries in Europe. Its biggest product categories are margarine and butter blends, yeast, bread and cake improvers and mixes, marzipan and ice cream ingredients. Orkla Food Ingredients has sales and distribution companies in 22 countries, ensuring proximity to bakeries and other industrial customers.
Oslo, 1 October 2018
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