Through the purchase, Orior hopes to gain a foothold in th...
Swiss food producer, Orior AG, has announced that it has acquired a 35% stake in Casualfood.
Through the purchase, Orior hopes to gain a foothold in the growing food service to-go market.
Casualfood generates approximately EU€52mn (US$60mn) in annual revenues, primarily in its domestic German market.
Under the agreement, Orior said it will increase its interest in Casualfood over several stages to 100% over the next few years.
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Orior CEO, Daniel Lutz, said that the acquisition aligns with the company’s strategic focus and will position it well for the future.
“This acquisition brings us in direct contact with the consumer,” he said. “That gives us exceptional opportunities to detect and latch on food trends with far more speed and agility than before and then funnel that knowledge into new brand and product concepts.
“At the same time, Casualfood strengthens our competencies in the food service business, expands our presence on the European continent and enhances our innovation power.
“Casualfood’s management team is also a perfect match for Orior, given its pioneering spirit, its unconventional hands-on philosophy and profound entrepreneurial mindset," he added.
Casualfood's founders Stefan Weber and Michael Weigel will continue to work at the company as shareholders and managing directors.
Orior said that Casualfood will “operate as an independent centre of competence within the Orior International segment."