Strauss Group Ltd. (TASE:STRS) unit Obela has acquired full control of Florentin B/V, a Dutch company that develops and manufactures organic hummus, falafel, spreads and pita bread products. The company, which has 40 employees and a production facility in the Netherlands, markets in Western Europe, particularly in the Netherlands, Germany and France. Florentin had sales of €5 million in 2015.
Obela, a joint venture of Strauss and PepsiCo, was established in 2011 to introduce a fresh dips and spreads to an international market, expanding upon the success of Sabra Dipping Company. Obela leads the hummus market in Mexico and Australia and reported NIS 82 million in 2015. The Dutch acquisition expands Obela's dips and spreads operations into Western Europe.
Obela wiil pay €9 million for Florentin, plus an additional €1.75 million, which is contingent on performance. The acquisition will be equally financed by Strauss and PepsiCo.
Sabra CEO Shali Shalit Shoval said, “We look forward to growing the ‘better for you’ hummus category by bringing Obela’s international expertise to a company already succeeding with an understanding of local trends and culture. Together, we will meet and exceed consumer expectations in a compelling market."
Strauss Group CEO and president Gadi Lesin said, “The acquisition of Florentine is an important step in the global expansion journey of our International dips and spreads joint venture with PepsiCo. A Western Europe infrastructure is a necessary condition for Obela’s expansion into Western Europe."
Published by Globes [online], Israel business news - www.globes-online.com - on July 3, 2016
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