Processed food company ADF Foods today said it has completed the acquisition of US-based Elena's Food Specialties for an undisclosed amount.
"ADF has acquired all substantial assets and certain liabilities of Elena's for an agreed consideration through its international subsidiary companies," the company said in a statement.
The company said the American firm's existing shareholders will hold a minority stake in ADF's operating subsidiary in the US. It, however, did not disclose further details.
In September, ADF Foods had announced that the acquisition will be conducted by of "an asset purchase by itself and/or its international subsidiary companies".
"This is in line with ADF's strategy to pursue inorganic growth which not only increases the product portfolio but also widens our distribution network," ADF Foods Managing Director Bimal Thakkar had said.
The company said US-based Centum Capital has acted its exclusive financial adviser for the acquisition.
Elena's Food Specialties is a South San-Francisco based manufacturer and marketer of organic and natural products. It had a turnover of $9 million in 2009.
Commenting on the acquisition, Elena's Food Specialities Vice President and Co-Founder Mark Cooley said: "ADF's acquisition will help by providing synergistic operational support, product development and capital to make a step change in sales growth and profits."
ADF Foods sells Indian pickles, chutneys, canned foods, frozen foods and spices under brand names like Ashoka, Camel, Aeroplane, Khansama and Truly Indian across the world.
