By CARINE LEE
Olam International Limited on Thursday acquired Nigerian biscuits and candy maker through the acquisition of Titanium Holding Company and its subsidiaries for a price consideration of US$167 million.
'This acquisition presents a unique opportunity for our packaged foods business to scale up and move immediately into a leadership position in two attractive packaged foods categories in the largest consumer market in West Africa,' said M Ramanarayanan Olam's senior vice president and head of packaged foods.
Titanium Holding owns Nigeria's second largest biscuits and candy franchise with a turnover of approximately US$162 million in 2011.
It owns and manages three biscuit and candy factories with modern production lines.
Funded through internal accruals and borrowings, the acquisition is immediately earnings and cash flow accretive to Olam.
The processor of agricultural products and food ingredients expects to deliver 17-18 per cent in EBITDA margin and generate in excess of 29 per cent equity internal rate of return on this investment.
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