ADF Foods acquires US-based Elena's Food Specialities

Mumbai: ADF Foods Ltd, a leading packaged Indian food provider, today said that it has entered into an agreement to acquire a substantial portion of the assets of Elena's Food Specialities, Inc.

Elena's is a US-based manufacturer and marketer of organic and natural products and a leading provider of protein-based Mexican foods in the natural and organic category. It clocked a turnover of USD nine million in 2009.

ADF will acquire all significant assets and certain liabilities of Elena's for an agreed consideration, a press release issued here stated, without, however, mentioning the amount.

The acquisition will be conducted by means of an asset purchase by ADF and/or its international subsidiary companies.

Some of Elena's existing shareholders will hold a minority stake in ADF's operating subsidiary in the US and the deal is expected to close by October, the release said.

ADF Foods' Managing Director Bimal Thakkar said, "this is in line with ADF's strategy to pursue inorganic growth which not only increases the product portfolio but also widens our distribution network. Elena's has a strong distribution network within the US mainstream markets and owns popular brands like PJ's Organics and Nate's."