Olam International (Olam), a global, integrated supply chain manager and processor of agricultural products and food ingredients, has acquired a Nigerian biscuits and candy maker through the acquisition of 100% equity interest in Titanium Holding Company SA and its subsidiaries.
The acquisition has been agreed for a price consideration of $167m (subject to working capital adjustments at completion).
Titanium Holding owns Nigeria’s second largest biscuits and candy franchise with a turnover of approximately $162m in 2011. Started in 1995, the company has achieved leading market shares of 18% and 28% in biscuits and sugar candy under the 'OK' brand umbrella.
Both categories are enjoying market growth rates of 10-12% and 12-15% respectively, enabling the business to deliver a CAGR of 26% in revenues over the past five years.
The company owns and manages three biscuit and candy factories with modern production lines fitted with raw materials management and packaging systems, and a logistics infrastructure, which includes a fleet of trucks and other warehousing and distribution assets in Nigeria.
The company has over 1,700 employees, including a 60-strong management team in Nigeria, who will be part of Olam’s global employee strength post completion.
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