Olam Food Ingredients Completes Acquisition of Olde Thompson

• OFI completes acquisition of Olde Thompson at an Enterprise Value (EV) of US$950 million
• Transformative US acquisition for OFI’s spices business, enabling further expansion of private label offerings across its portfolio
• Accelerates OFI's growth strategy of delivering sustainable, natural, value-added food ingredients and solutions

Olam Food Ingredients (“OFI”)1 is pleased to announce that the acquisition of leading US private label spices and seasonings manufacturer Olde Thompson, previously announced on April 29, 2021, was successfully completed on May 17, 2021 at an EV of US$950 million.

The acquisition builds on a 15-year partnership with Olde Thompson and marks a significant milestone for OFI’s spices business, which is an attractive and growing part of OFI’s overall portfolio. It also expands OFI's private label capabilities and enables the business to provide consumers with a comprehensive range of bold, authentic, natural taste and flavours with end-to-end traceability and sustainability.

According to the OFI CEO, A. Shekhar said: “The acquisition of Olde Thompson is transformative for our spices business and helps us to broaden our private label offering which is an important part of our growth strategy. Combining the complementary capabilities of OFI’s global origination and sustainable spice supply chain with Olde Thompson’s customer base and expertise in blending and product formulation will help us deliver greater value to all our retail customers. We are looking forward to welcoming our new colleagues and working closely with them to ensure that consumers can add healthy taste and flavour to all the products they love.”

The acquisition of Olde Thompson is expected to be earnings and margin accretive to OFI from the first year onwards and generate potential EBITDA synergies of US$25-30 million.

May 19, 2021