Oslo based OFI has acquired the shares in the Dutch Sonneveld Group including all subsidiaries but it will remain an independent company within the Norwegian group, with the existing management team at the bread improvers and mixes firm being kept on, explained Sonneveld managing director Cees Hack.
The terms of the deal were not disclosed and the takeover remains subject to approval by the Dutch Competition Authority.
Hack told BakeryandSnacks.com that the firm’s offerings are so complementary that he does not envisage any resistance from the regulatory body to the alliance.
He said the takeover will give the Dutch company access to eastern European markets for its ingredients and boost the potential for OFI’s cake ingredients with industrial bakers.
OFI is among the top players in Europe in bakery supply, with subsidiaries in 17 European countries, and it is part of the Orkla Group, one of the largest listed companies in Norway with a turnover of €7bn.
And Hack said that the move will result in Sonneveld management having a role in the decision making process of OFI in terms of a seat on the company’s board of directors.
“The acquisition reflects OFI’s recognition of our innovative R&D work in recent years and the know-how we bring in terms of bread ingredient development targeted at the industrial-scale baker,” he said.
Sonneveld stated that its innovation centre, operational since 2006, in conjunction with its formulation expertise and a flexible production plant provides it with a strong base for further growth.