Istanbul-headquartered sauce business purchased for $100 million, with deal expected to close in H1 2021
Kraft Heinz has agreed to acquire Turkish sauce business Assan Foods for approximately $100 million, from privately held conglomerate Kibar Holding.
Assan Foods has been a Kraft Heinz production partner since 2019 and has local manufacturing facilities in Balikesir and Izmir, Turkey.
The company produces a variety of sauces sold under the brands Colorado, Kingtom and Oba, as well as private label brands, and it employs a workforce of 400 employees.
The deal is expected to close in H2 2021, subject to regulation.
Rafael Oliveira, international zone president at Kraft Heinz, said of the deal: “This is a great opportunity to accelerate our international growth strategy centered on taste elevation.
“We believe Assan Foods is a high-performance organisation that brings best-in-class local innovation and production of sauces and tomato products, as well as a significant distribution network in the fast-growing foodservice channel, enabling us to further build our scale and agility by expanding the Heinz brand in Turkey, as well as our International Taste Elevation platform more broadly,” he added.
Last September, Kraft Heinz committed to increasing investment and focus in taste elevation, as well as five other business areas, including real food snacking and fast fresh meals.
The CPG group committed to cutting $2 billion in costs over five years.
Last week it completed the sale of its snack business Planters to Hormel Foods Corporation for approximately $2.79 billion.
Date published: 11 June 2021