Amira Nature Foods, a United Arab Emirates-based provider of packaged Indian specialty rice, has signed a deal to take over Basmati Rice, a Germany-based premium branded rice distributor, for an undisclosed amount.
Basmati Rice offers ten varieties of rice under the ATRY, Scheherazade, Sultan, Sativa and Sadry brands. The company generated $8m in sales in 2012 and $6.5m in sales for the nine-month period ended 30 September 2013.
Amira expects the transaction to be accretive to its fiscal year 2014 earnings.
Amira chairman and CEO Karan A Chanana said, "We are excited about this highly accretive acquisition of Basmati Rice GmbH which has a rich 25 year history of serving some of the largest supermarkets in Germany and more recently in neighboring countries across Europe.
"We believe our team can quickly expand their sales and further enhance their high margin branded product offering as we leverage our existing vertically integrated infrastructure and distribution in Europe to provide consumers a vast array of branded Basmati rice from our natural and organic offerings to new, unique items like smoked Basmati rice."
Amira sells its products primarily in emerging markets through a broad distribution network. The company's headquarters are in Dubai, United Arab Emirates, and it also has offices in India, Malaysia, Singapore, the UK, and the US.
