SunOpta Inc. has acquired Sanmark B.V., a sourcing and trading business focused on organic oils for the food, pharmacy and cosmetic industries. Based in The Netherlands, Sanmark B.V. sources raw material globally and generates most of its sales in the European and Asia Pacific markets. The transaction is valued at €3 million ($3.4 million) on a debt-free basis. Toronto-based SunOpta financed it through existing credit facilities.
Sanmark B.V. is expected to reach about €10 million in revenue in 2019. Mark Bolier, president of Sanmark B.V., will lead the global organic oils desk for Tradin Organic Agriculture, a subsidiary of SunOpta. The global organic oils desk includes recently added organic avocado oil sourced from a new Ethiopian facility scheduled to open in the second half of the year.
“The acquisition of Sanmark is expected to further diversify our global oils desk and provide broader access to high-end specialty markets,” said Gerard Versteegh, senior vice-president, global ingredients for SunOpta and president of Tradin Organic Agriculture. “Through this acquisition we are adding seasoned commercial traders to our team who will be able to leverage Tradin’s global reach in organic oils today, while also expanding our ability to source organic raw materials.”
By Jeff Gelski
Source: Food Business News
Local industry stakeholders under Food Drink Ireland (FDI) have called for targeted support measures in the sector that will help businesses stay buoyant during the transitional period.
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