Flame Tree Group to acquire four food brands
Flame Tree Group has announced acquisition of four food and snack brands from Chirag Kenya –Natures Own (spices), Chigs (potato crisps), Honeycomb (biscuits) and Gonuts (nuts).
This brand portfolio had annual turnover of Sh90 million for 2014 and is distributed through leading convenience, and retail channels. As well as the four brands, Flame Tree Group will be acquiring the company's 60 employees and the Nairobi-based factory and distribution assets.
The acquisition is expected to be completed, subject to customary conditions, including competition authority approval and ratification by the board, during the coming months. Flame Tree Group CEO Heril Bangera said from a financial perspective, the firm believes this is a worthwhile acquisition.
"From a strategic perspective we are delighted to add new brands to our food and snack portfolio, which already includes Happy's. I am particularly excited about our entry into the spices category with Nature's Own spices. This is a well-loved brand in Kenya and has been a common feature in my spice cupboard for the past 25 years," he added in a statement.
"The acquisition provides Flame Tree Group with an established platform for growth in the food space. It is also in line with our strategy of creating a diversified FMCG business - manufacturing across Africa and building a portfolio of much-loved African brands."
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Flame Tree GroupNatures Own