WHITE PLAINS, N.Y. — Bunge Ltd. has entered into a definitive agreement to acquire Ana Gıda İhtiyaç Maddeleri ve Sanayi Ticaret A.Ş. (Ana Gıda), a Turkish olive oil and seed oil producer. Financial terms of the transaction were not disclosed.a.
Photo: Ana Gıda İhtiyaç Maddeleri ve Sanayi Ticaret A.Ş. produces olive oil and seed oil.
Ana Gıda is the owner of Komili, the market leading olive oil brand in Turkey with a retail market share of more than 30 percent, Bunge said in a statement on Dec. 15.
Ana Gıda also has other leading brands in the sector, including Kırlangıç and Madra.
Bunge said it will buy a 55.25 percent stake of Ana Gıda from Anadolu Endüstri Holding and the remaining 44.75 percent from SEEF Foods.
“This acquisition is compatible with our strategy to diversify our product portfolio by focusing more on products with higher added value. We will strengthen our activities in the largest and the fastest growing market of the EMEA region,” said Bunge EMEA CEO Tommy Jensen.
“The existing distribution network of Ana Gıda will help Bunge to increase its reach and access to customers throughout Turkey,” added Bunge in a written statement.
Anadolu Endüstri Holding is part of holding company Yazıcılar Holding which said in a separate statement that the value of Ana Gıda was 172.5 million Turkish Liras ($49 million) and that the final sale price would be determined after year-end cash, debt and working capital corrections.
Yazıcılar expects the transaction to be completed in the first quarter of 2017.US company Bunge acquires Turkish olive oil and seed oil company,