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BRIEF-Norway's Orkla buys UK food ingredients, accessories firm
April 3, 2017 / 6:18 AM / 8 months ago

BRIEF-Norway's Orkla buys UK food ingredients, accessories firm

April 3 (Reuters) - Orkla Asa

* Says has signed and completed an agreement to purchase 85 pct of the shares in the British sales and distribution company Orchard Valley Foods Limited

* Says Orchard Valley holds strong positions as a supplier of ingredients and accessories to the UK bakery, chocolate and ice cream market. Most of its turnover is generated in the UK, but the company also has increasing exports to Europe

* Orchard Valley is a privately-owned company and has a total of 72 employees

* The company’s head office and production facilities are located in Tenbury Wells, UK

* In the financial year ending on 31 May 2016, Orchard Valley posted a turnover of GBP 23.9 million ($30 million) and normalised EBITDA of GBP 2.0 million

* The agreement also includes an option to purchase the remaining 15 pct of the shares. The company will be consolidated into Orkla’s financial statements from 1 April 2017.

* The parties have agreed not to disclose the purchase price Source text: Further company coverage: ($1 = 0.7974 pounds)

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