M&As this week: UTZ Quality Foods, Inc., Emmi AG, Charoen Pokphand Foods Public Company Limited

Privately held snack food company UTZ Quality Foods is to acquire Golden Enterprises Inc following a definitive merger agreement between the two companies.

Under the terms, UTZ Quality Foods will pay the stockholders of Golden Enterprises $12 a share in cash. The transaction is expected to be closed by the end of the year.

Golden Enterprises is a Birmingham-based producer and retailer of food products that intends to enhance its offerings through the acquisition, while boosting its business in the south-eastern markets.

Swiss milk processor and dairy products company Emmi AG is to acquire Mittelland Molkerei AG from investment firm AZM Verwaltungs AG after agreeing to purchase the remaining stake in the company.

Under the deal, Emmi will take full control of Mittelland Molkerei by acquiring the remaining 40% share as it already owns 60% of the company.

Part of the acquisition price amounting to €31.2m ($34.41m) will be paid through the transfer of Emmi shares.

Thailand-based agro-industrial and food conglomerate, Charoen Pokphand Foods Public Company Limited (CP Group), has acquired an 80% stake in Sri Lanka’s ready-to-eat food manufacturer Norfolk Foods (Pvt) Ltd for LKR600m ($4m).

According to the terms, a 50% stake in Norfolk Foods was acquired from its holding company Expolanka Holdings PLC, while a 30% stake was acquired from the founders Habeeb Mohamed Ziauddin and Hamzathul Zareeha Ziauddin.

Charoen Pokphand also has the right to acquire the remaining 20% stake in the company.

The acquisition was completed through Charoen Pokphand Foods’ wholly owned subsidiary CPF Investment Limited (CPFI) and is in line with the company’s strategy to boost its business in Sri Lankan markets and also for expanding its distribution operations in the neighbouring countries.

Private equity firm Gryphon Investors is to will acquire Texas-based Lawler Foods, a supplier of gourmet desserts to retail and foodservice customers. The deal will allow Gryphon to strengthen its premium dessert business.

Under the agreement, a significant investment in Lawler Foods will be retained by the Lawler family along with the continuation of the company’s management team under the new owners.

The acquisition is expected to be completed by the end of this month.

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Image: Mittelland Molkerei AG is a Swiss dairy based in Suhr, Switzerland. Photo: courtesy of Emmi Group.