Orkla Food Ingredients, part of the Orkla Group, has announced the purchase of around two-thirds of Stelios Kanakis Industrial and Commercial S.A., a Greek firm specialised in confectionery, bakery and ice cream ingredients.
Kanakis is a family-owned business listed on the Athens stock exchange, with the founder and his family owning approximately 86% of the shares.
Under the terms of the deal, Orkla will acquire approximately 65.8% of the shares from Stelios and Maria Kanakis, at a purchase price per share of EUR 4.35. In time, the food business is seeking to obtain 80% ownership of Kanakis, with the family retaining 20%.
“Kanakis has a leading position in our core categories, in addition to a broad-based network of customers and suppliers who are well-known to Orkla Food Ingredients," commented Johan Clarin, Orkla executive vice president and CEO of Orkla Food Ingredients. "The company is well-positioned in a region that is seeing good growth."
The business was established in 1985 by Stelios Kanakis, who is managing director of the company and will continue to serve in that position.
"We are very much looking forward to working with the family and to continue building the company together in the future,” Clarin added.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.