Amira Nature Foods Ltd (NYSE: ANFI), a leading global provider of packaged Indian specialty rice, announced a definitive agreement to acquire Basmati Rice GmbH, a specialty distributer of premium branded rice, particularly Basmati rice in Germany.
Basmati Rice GmbH generated approximately $8.0 million in sales in calendar year 2012 and $6.5 million in sales for the nine months ended Sept. 30, 2013. The transaction is expected to be accretive to Amira’s current fiscal year 2014 earnings. Details of the transaction were not disclosed.
“We are excited about this highly accretive acquisition of Basmati Rice GmbH which has a rich 25 year history of serving some of the largest supermarkets in Germany and more recently in neighboring countries across Europe,” commented Karan A. Chanana, Amira’s chairman and chief executive officer. “We believe our team can quickly expand their sales and further enhance their high margin branded product offering as we leverage our existing vertically integrated infrastructure and distribution in Europe to provide consumers a vast array of branded Basmati rice from our natural and organic offerings to new, unique items like smoked Basmati rice.”
Basmati Rice GmbH offers 10 different varieties of rice to consumers under the ATRY, Scheherazade, Sultan, Sativa and Sadry brands. These brands can be found in over 4,000 stores across Germany and Europe including but not limited to Edeka, Markant, Metro, Mpreis, REWE, Frischeparadies as well as in certain food service distributors.