Flame Tree Group has acquired four food and snack brands from Chirag Kenya –Natures Own(spices),Chigs (potato crisps), Honeycomb(Biscuits) and Gonuts(nuts) whose brand portfolio had annual turnover of KES 90 million for 2014 and is distributed through leading convenience, and retail channels.
Flame Tree Group will be acquiring the company’s 60 employees and the Nairobi-based factory and distribution assets in addition to the four brands.
The acquisition is expected to complete, subject to customary conditions, including competition authority approval and ratification by the board, during the coming months.
Flame Tree Group CEO Heril Bangera says, “From a financial perspective, we believe this is a highly earnings accretive acquisition. From a strategic perspective we are delighted to add new brands to our food and snack portfolio, which already includes Happy’s. I am particularly excited about our entry into the spices category with Nature’s Own spices. This is a well-loved brand in Kenya and has been a common feature in my spice cupboard for the past 25 years.
“The acquisition provides Flame Tree Group an established platform for growth in the food space. It is also in line with our strategy of creating a diversified FMCG business – manufacturing across Africa and building a portfolio of much-loved African brands.”
