Bangalore, Aug 30 (IANS) Global Green Company Ltd of the $2.1 billion Thapar group, a leading exporter of gherkins, jalapenos and other preserved foods in global markets, has acquired Belgian food processing firm Intergarden for an undisclosed sum.
Global Green Managing Director Vineet Chhabra said the all-cash equity deal of the European firm would make it the largest pickle supplier in the world and the largest outside the US. It would also give an opportunity to foray into the European market in a big way.
'The acquisition of the privately-held Intergarden will give us a strong foothold in the European market and leverage our presence in the US, Canadian, Russian and Asia-Pacific markets,' Chhabra told IANS.
With food processing plants in Belgium, Hungary, Turkey and India (Bangalore), the 16-year-old Intergarden group is a leading producer of gherkins, capers, sour cherries, red peppers, silverskin onions and mixed vegetables in raw and pickled forms. It posted a revenue of 50 million euros in 2005.
'Post-acquisition, the combined entity will extend the global footprint of its branded products in retail and food service segments, besides consolidating its seed-to-shelf service to global customers,' Chhabra noted.
The buyout also enables the Rs.1.1 billion Global Green to ramp its product and packaging portfolio to its customers worldwide.
'In Intergarden, we have bought a business and a set of competencies that complement our own, with potential to increase our supplies by 15-20 percent annually,' Chhabra said.
As a pioneer in gherkin business, Global Green operates out of two ISO-certified and HACCP complaint processing facilities in Bangalore and Hyderabad. About 10,000 farmers in Karnataka, Andhra Pradesh and Tamil Nadu are provided inputs, know-how and farming technologies to grow quality products.