CHICAGO —The Kraft Heinz Co. has reached an agreement to purchase Assan Foods from privately held Turkish conglomerate Kibar Holdings in a deal valued at approximately $100 million.
Headquartered in Istanbul with local manufacturing facilities in western Turkey, Assan Foods offers a range of products, including tomato paste, ketchup, mayonnaise, pasta sauces and meat sauces. The products are sold under brands such as Colorado, Kingtom and Oba in Turkey and 50 other countries across four continents.
Assan Foods has been a certified production partner for Kraft Heinz since 2019 and offers the company an opportunity to build its retail and foodservice business across Europe, the Middle East and Asia, said Rafael Oliveira, international zone president at Kraft Heinz.
“We believe Assan Foods is a high-performance organization that brings best-in-class local innovation and production of sauces and tomato products, as well as a significant distribution network in the fast-growing foodservice channel, enabling us to further build our scale and agility by expanding the Heinz brand in Turkey, as well as our International Taste Elevation platform more broadly,” Mr. Oliveira said.
The deal is subject to customary closing conditions and is expected to be completed in the second half of 2021.