Through its wholly-owned subsidiary Sonneveld Group B.V. ("Sonneveld") Orkla Food Ingredients has signed and completed an agreement to purchase the Dutch company Vamo produkten voor de Bakkerij B.V. ("Vamo").
Vamo manufactures specialised concentrates and ingredient mixes for sale to manufacturers of artisan and industrial bakery products. The company also holds a leading position in the Benelux in special ingredients for corn-based products, a segment that has seen good growth in Europe for several years.
Orkla Food Ingredients is strongly positioned as a supplier of bakery ingredients and ice cream accessories in the Nordic region and selected countries in Europe. In the Netherlands, Orkla Food Ingredients has built up a solid position through its subsidiaries Sonneveld, NIC, Broer and Laan.
“Vamo is a well-run company with a good customer base and a product portfolio that is a good fit with Sonneveld. The acquisition of Vamo will complement Sonneveld’s position as a supplier of ingredients and accessories to the bakery market,” says Peter Verhagen, CEO of Sonneveld.
Vamo was established in 1963 and has 20 employees. The company’s headquarters and production facilities are located in Duiven, the Netherlands. Vamo is currently owned by two private shareholders who jointly head the company. The owners also hold a 20 per cent stake in the company Quattro Enzymes Solutions, in which Sonneveld owns a 60 per cent interest.
The company is achieving good growth and had a turnover of EUR 12.4 million (approx. NOK 120 million) in 2018 and EBIT of EUR 1.6 million (approx. NOK 15 million). The company will be consolidated into Orkla’s financial statements as of 1 September 2019.
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 ingredient 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 21 countries, ensuring customer proximity.
Oslo, 3 September 2019
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