Orkla Food Ingredients has signed and completed an agreement to purchase 100% of the shares in the sales and distribution company Gortrush Trading Ltd. The deal was conducted through Orkla’s wholly-owned subsidiary NIC Enterprises Limited.
Gortrush, a supplier of ice cream ingredients and accessories to wholesalers, ice cream retail outlets, and distributors in Ireland, Northern Ireland, and the rest of the UK was established 50 years ago, and operates from its facilities in Omagh, Northern Ireland, a statement reads. The business is owned and headed by Kieran Howe.
“We already hold a strong position in ice cream ingredients and accessories in the UK market. The acquisition of Gortrush is strategically right for increasing our foothold in Northern Ireland and gaining better access to the Irish market. Gortrush’s product assortment is a good match to that of NIC UK, and the businesses complement each other well,” Tor Osmundsen, CEO of NIC Group said.
The parties have agreed not to disclose the purchase price but said the company will be consolidated into Orkla’s financial statements as of 1 December 2020.