Through its wholly-owned subsidiary Idun Industri AS, Orkla Food Ingredients has signed and completed an agreement to purchase 70 per cent of the shares in Win Equipment ("Win"), a leading supplier of soft serve ice cream machines in the Netherlands.
Win assembles, sells and services machines for the production of soft serve ice cream, milkshakes and frozen yoghurt to customers including cafes, restaurants, bakeries, convenience stores and petrol stations. Most of the company’s sales come from the Netherlands (~60 per cent), but it also exports to other countries (~20 per cent) and has revenues from machine servicing and maintenance (~20 per cent).
Orkla Food Ingredients has built up a solid position in the Netherlands in ice cream ingredients and accessories, and the businesses are a good fit.
“This acquisition is in line with Orkla’s aim to grow in selected categories and markets where we see potential for further growth and synergies. We already hold a strong position in the Netherlands market, and the purchase of Win is strategically right for our objective of being a full-range supplier of ice cream ingredients and accessories,” says Tor Osmundsen, CEO of NIC Group.
Win’s headquarters, warehouse and service department are located in Bunschoten, the Netherlands, and it has 30 employees. The company is currently headed by Rob Cramer and Fred Zorge, both of whom will continue to serve in leading positions. Prior to the transaction, the business was owned by the company’s management. The present owners will remain shareholders with a 30 per cent stake.
The company had a turnover of EUR 5.6 million (approx. NOK 57 million) in 2019. The company will be consolidated into Orkla’s financial statements as of 1 February 2020.
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 headquarters is in Oslo. In 2018, the Group had a turnover of NOK 41 billion, and approximately 18,500 employees as of 31 December 2018.
About Orkla Food Ingredients
Orkla Food Ingredients is the leading bakery and ice cream ingredients player in the Nordic region, in addition to holding solid market positions in selected countries in Europe. Its biggest product categories are bakery and ice cream ingredients, margarine and butter blends, marzipan and plant-based food products. Orkla Food Ingredients has sales and distribution companies in 22 countries, ensuring customer proximity.
Oslo, 4 February 2020
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