Orkla Seeks to Purchase Ingredient Supplier from Greece

Orkla has entered into an agreement to purchase the majority of the shares in the Greek company Stelios Kanakis Industrial and Commercial S.A, a market leader in the sale and distribution of confectionery, bakery and ice cream ingredients in Greece.

Kanakis is listed on the Athens stock exchange, and the founder and his family own approximately 86% of the shares.

Orkla has entered into an agreement to acquire approx. 65.8% from Stelios and Maria Kanakis at a purchase price per share of EUR4.35. In connection with this agreement, Orkla has made a voluntary tender offer to all Kanakis shareholders at an offer price of EUR 4.36 per share.

“Kanakis has a leading position in our core categories, in addition to a broad-based network of customers and suppliers who are well-known to Orkla Food Ingredients. The company is well-positioned in a region that is seeing good growth,” says Johan Clarin, Orkla executive vice president and CEO of Orkla Food Ingredients.

The business was established in 1985 by Stelios Kanakis, who is managing director of the company and will continue to serve in that position. The company has 73 employees and had a turnover of EUR20.2m in 2018, and EBIT of EUR3.0m.