olam food ingredients (ofi) has announced that the acquisition of Club Coffee, previously revealed on 26 April 2022, was successfully completed.
Club Coffee is one of Canada’s largest coffee roasters and packaging solutions providers to the at home segment, serving private label customers and retail brands from its facilities in Toronto.
According to ofi, the acquisition of Club Coffee is aligned with its growth strategy to deliver sustainable, natural, value-added food and beverage ingredients and solutions through a diverse channel mix, to customers across the globe. The private label and co-manufactured channel is an attractive, high value and growing part of ofi’s portfolio.
“I am delighted to welcome Club Coffee into ofi. Bringing together our respective expertise in sustainable sourcing and innovative packaging we are well-positioned to meet the increasing consumer demand in these areas. We expect to bring these benefits to our customers through this exciting combination,” says ofi Managing Director and CEO Coffee Vivek Verma.
ofi acquired Club Coffee at an enterprise value of USD$117 million, subject to post-closing adjustments. Excluding acquisition-related costs and charges, the acquisition is expected to be accretive to current year earnings.
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