(GLOBE NEWSWIRE) – Diamond Foods, Inc. today announced that it has acquired a 51% stake of Yellow Chips, a manufacturer of high quality vegetable and organic potato chips based in the Netherlands.
Yellow Chips markets its products under private labels and as its own premium brand, Go Pure®, in Europe. Yellow Chips currently produces Kettle Brand® Vegetable Chips for Diamond. Following the acquisition, Yellow Chips’ existing management team will continue to operate the company as an independent subsidiary.
Brian Driscoll, Diamond’s President and Chief Executive Officer said, “We are excited to acquire an interest in Yellow Chips, which enables us to better compete in the on-trend, high growth vegetable chip category in the UK and Europe. We are pleased to welcome the Yellow Chip team, which has done an outstanding job creating a high quality product for us.”
“We look forward to working closely with the Yellow Chips team to expand European sales and increase distribution in the UK,” said Dominic Lowe, Managing Director of Kettle Chips UK.
Vincent van Gorkom, one of the founders of Yellow Chips and a member of its management team commented, “We’ve been working closely with Diamond over the past several months, and we’re excited to join the team. We will benefit from Diamond’s scale, marketing expertise, and distribution network, and look forward to expanding awareness of our products and increasing market penetration in the UK and Europe.”
Diamond is financing the acquisition through cash on-hand.
Source: Diamond Foods