Assan Foods manufactures and sells a wide range of products, including those that appeal to a variety of international cuisines and are sold under brands including Colorado. The Kraft Heinz Company announced today that it has reached an agreement to purchase Assan Foods from a privately held Turkish conglomerate Kibar Holding.
The Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz”) announced today that it has reached an agreement to purchase Assan Foods from privately held Turkish conglomerate Kibar Holding in a deal that values the enterprise at approximately $100 million. Assan Foods is a rapidly growing sauces-focused business with local manufacturing facilities in Balikesir and Izmir that has been a certified production partner for Kraft Heinz since 2019 and offers Kraft Heinz the opportunity to build its retail and foodservice business across Europe, the Middle East, and Africa.
“This is a great opportunity to accelerate our international growth strategy centered on Taste Elevation,” said Rafael Oliveira, International Zone President at Kraft Heinz. “We believe Assan Foods is a high-performance organization that brings best-in-class local innovation and production of sauces and tomato products, as well as a significant distribution network in the fast-growing foodservice channel, enabling us to further build our scale and agility by expanding the Heinz brand in Turkey, as well as our International Taste Elevation platform more broadly.”
Headquartered in Istanbul, Assan Foods was established in Balikesir in 1998 as a Kibar Holding investment in the food sector and evolved into one of the top producers in the region. Assan Foods manufactures and sells a wide range of products including tomato paste, ketchup, mayonnaise, and pasta and meat sauces that appeal to a variety of international cuisines and are sold under brands such as Colorado, Kingtom, and Oba, as well as private label. With approximately 400 employees, Assan Foods serves the domestic market and exports to around 50 countries on four continents.
The deal is subject to customary closing conditions including merger control approval and is expected to be completed in the second half of 2021.