- OFI completes acquisition of Olde Thompson at an Enterprise Value (EV) of US$950 million
- Transformative US acquisition for OFI’s spices business, enabling further expansion of private label offerings across its portfolio
- Accelerates OFI's growth strategy of delivering sustainable, natural, value-added food ingredients and solutions
The acquisition builds on a 15-year partnership with Olde
Thompson and marks a significant milestone for OFI’s spices business, which is
an attractive and growing part of OFI’s overall portfolio. It also expands
OFI's private label capabilities and enables the business to provide consumers
with a comprehensive range of bold, authentic, natural taste and flavours with
end-to-end traceability and sustainability.
According to the OFI CEO, A. Shekhar said: “The acquisition
of Olde Thompson is transformative for our spices business and helps us to
broaden our private label offering which is an important part of our growth
strategy. Combining the complementary capabilities of OFI’s global origination
and sustainable spice supply chain with Olde Thompson’s customer base and expertise
in blending and product formulation will help us deliver greater value to all
our retail customers. We are looking forward to welcoming our new colleagues
and working closely with them to ensure that consumers can add healthy taste
and flavour to all the products they love.”
The acquisition of Olde Thompson is expected to be earnings
and margin accretive to OFI from the first year onwards and generate potential
EBITDA synergies of US$25-30 million.