Amsterdam Commodities takes over Snick Ingredients
Date:
Feb 10, 2009
Amsterdam Commodities N.V. (Acomo), the Euronext listed commodity trading group in spices, food ingredients and natural rubber announces today to have reached a principle agreement to acquire Snick Ingredients bvba (Snick), based in Beernem (Belgium).
Snick is active in the development, production and distribution of culinary ingredients, powder mixes and custom made blends (e.g. curries, pesto’s, etc.) for the savoury food industry in the Benelux. This acquisition complements TEFCO Food Ingredients, acquired by Acomo in 2006. Snick’s net sales in 2008 exceeded € 5 million and the company will immediately contribute to
Acomo’s earnings per share. ‘The acquisition is a further step in Acomo’s strategy to grow and diversify the trade activities in food ingredients’, says the company.
Snick’s niche food ingredients, dry and wet blends are used mainly in the savoury food industry, ready meals en meal components, soups and sauces. Snick’s assortment comprises over 300 culinary ingredients and mixes, such as fish powders, stocks, process flavours, processed cheese, stuffings and pasty blends of herbs.
Acomo is holding a 100% interest in Catz International B.V. (spices, nuts, dried fruits and dehydrated vegetables), in TEFCO Food Ingredients B.V. and a minority stake (42.5%) in RCMA Commodities Asia Pte. Ltd. (natural rubber). In November 2008, Amsterdam Commodities celebrated its 100th anniversary on the Amsterdam stock exchange. The consolidated turnover amounted to € 162 million in 2007 and net profits € 8,8 million. Acomo will announce its 2008
results mid-March.
CEO Stephane Holvoet is enthusiast about the proposed takeover: “Snick and TEFCO strengthen each other at all levels, geographically and with their respective product assortment. This step creates interesting opportunities for synergies, also at the level of human resources and management.”
Snick’s expertise in product development, application and production of proprietary blends represents an important potential for further growth in the field of food ingredients. Holvoet: “Snick records strong margins and will immediately contribute to our earnings per share. The transaction meets the stringent financial criteria that we always use with regard to potential takeover
candidates.”
Snick was founded in 1994 and recorded sales of over € 5 million in 2008 (excluding commission trade) with 7 employees. The company will continue to operate under the existing management, Mr. Philippe Snick. Founder and majority shareholder Snick is convinced that the intended
takeover will guarantee the continuity, further expansion and growth of his company. “Our company cultures match perfectly and in addition to that, the company’s management remains independent’.
Acomo’s management expects to conclude the takeover before the end of February 2008.
Acomo’s earnings per share. ‘The acquisition is a further step in Acomo’s strategy to grow and diversify the trade activities in food ingredients’, says the company.
Snick’s niche food ingredients, dry and wet blends are used mainly in the savoury food industry, ready meals en meal components, soups and sauces. Snick’s assortment comprises over 300 culinary ingredients and mixes, such as fish powders, stocks, process flavours, processed cheese, stuffings and pasty blends of herbs.
Acomo is holding a 100% interest in Catz International B.V. (spices, nuts, dried fruits and dehydrated vegetables), in TEFCO Food Ingredients B.V. and a minority stake (42.5%) in RCMA Commodities Asia Pte. Ltd. (natural rubber). In November 2008, Amsterdam Commodities celebrated its 100th anniversary on the Amsterdam stock exchange. The consolidated turnover amounted to € 162 million in 2007 and net profits € 8,8 million. Acomo will announce its 2008
results mid-March.
CEO Stephane Holvoet is enthusiast about the proposed takeover: “Snick and TEFCO strengthen each other at all levels, geographically and with their respective product assortment. This step creates interesting opportunities for synergies, also at the level of human resources and management.”
Snick’s expertise in product development, application and production of proprietary blends represents an important potential for further growth in the field of food ingredients. Holvoet: “Snick records strong margins and will immediately contribute to our earnings per share. The transaction meets the stringent financial criteria that we always use with regard to potential takeover
candidates.”
Snick was founded in 1994 and recorded sales of over € 5 million in 2008 (excluding commission trade) with 7 employees. The company will continue to operate under the existing management, Mr. Philippe Snick. Founder and majority shareholder Snick is convinced that the intended
takeover will guarantee the continuity, further expansion and growth of his company. “Our company cultures match perfectly and in addition to that, the company’s management remains independent’.
Acomo’s management expects to conclude the takeover before the end of February 2008.
