Rising India,a holding company focused in restaurant concepts and other ventures focused in meals and entertainment, announces today that it has entered official negotiations to acquire a food delivery company comprised of a consortium of premium brands configured to produce, source and deliver fresh, natural foods and specialty wines.
Operations are in line with the Company's commitment to educate its customer communities on cooking techniques, diet and embracing local variety.
"Last Quarter, we stated a goal to have impactful acquisition(s) and/or assets toward shareholder benefit in Q1 2015," states Rising CEO Jim DiPrima. "We have identified a prime candidate and have reached terms toward issuance of an LOI in the coming days with finalization of the acquisition on target with our goals."
Growing at a CAGR of 11.7% from 2006-2011, the organic food and beverages industry in North America is the fastest growing sector of the American food market. Outpacing the European market, North America has emerged as the largest market for organic food and beverages in the world in the last few years. As well, Sales of local food grew from about $1 billion in 2005 to nearly $7 billion in 2013, according to the U.S. Department of Agriculture.
"I'm thrilled to bring this consortium of brands to the Rising India portfolio," states DiPrima. "The acquisition target is in a strong trending sector, in line with our overall business model and with potential for multiple near-term revenue streams toward what we hope to result in impactful shareholder growth."
Rising India plans to detail the consortium of brands upon announcement of the LOI and/or finalization of the deal.
