“This acquisition is an integral part of the AAK Acceleration program, which calls for organic growth as well as selective acquisitions,” said Arne Franke, president and chief executive officer of AAK. “The acquisition of Crown-Foods will strengthen our ability to supply a broader portfolio of food service products, which is a major benefit to both existing and new customers.”
Soren Ask Nielsen, managing director food service Continental Europe, called Crown-Foods “a natural addition” for AAK Food Service.
“With the company’s focus on quality and with a product portfolio that is gaining market shares in Scandinavia, it fits very well with our strategy to increase semi-specialty and specialty volumes,” he said. “Further, Crown-Foods is an innovative company with a strong market position. By acquiring the company, we intend to grow the business and develop the product portfolio by providing access to the resources of AAK as one of the world-leading producers of high value-added specialty vegetable oils and fats.”
Founded in 1988, Crown-Foods employs approximately 20 people and had turnover of approximately SEK 60 million ($8.3 million) in 2011.
The acquisition comes less than a week after AAK acquired Oasis Foods Co., a Hillside, N.J.-based maker of edible oils, margarine, spreads, shortenings, vinegars, mayonnaise and sauces.
