Leading Spanish company Ebro Foods through its American subsidiary Riviana Foods has reached an agreement to purchase the assets of InHasvest for $48.75 million.
InHarvest is a premier provider of rice, rice blends, exotic grains, & legumes with a strong presence in the industrial (B2B), Food Service, and Private Label businesses.
The deal includes two production plants in California with a workforce of 140 people, generating a turnover of USD 50.3 million in 2020. The acquisition will increase the production capacity of Ebro Foods in the USA market, providing access to platforms where at the moment its subsidiary Riviana Foods does not have a significant presence. InHarvest will be included in Riviana Foods’ portfolio.
“The acquisition of the InHarvest business is an excellent fit and consistent with our strategic plan to expand our position in the specialty value-added rice, quinoa and grains markets,” said Enrique Zaragoza, President & CEO of Riviana. “We are excited about this expansion as we also look forward to welcoming InHarvest’s employees to the Riviana team”.
Sources: Ebro Foods