DayDayCook (DDC), the specialist in ready-to-cook and ready-to-eat Asian foods, has announced it has entered into an agreement to acquire 51% of GL Industry, an Italian producer of specialized Asian ready meals.
GL Industry sells its products to over 7,000 European retailers under private labels as well as under its own Asiamama and Sushimama brands. The firm currently manages two production facilities and generated around €11 million ($12 million) in sales in 2023.
The deal comes shortly after DDC entered into an agreement to acquire Yai’s Thai, a leading US Thai food brand, for an undisclosed sum.
As consideration for the 51% acquisition, DDC will pay a total of approximately $9.3 million in cash over the next three years plus additional potential consideration of cash and stock based on GL Industry’s revenue and EBITDA over the next three years. The acquisition is set to be completed in the first quarter of 2024.
Commenting on the deal, DDC founder and CEO Norma Chu said: “Today’s announcement marks another significant milestone as the acquisition of GLI expands our growing footprint into the European market. It further underscores our commitment to expanding worldwide and in new markets bringing diverse culinary delights to our customers”.
Source: DayDayCook