DDC - DayDayCook Announces Agreement to Acquire 51% of Italian G.L. Industry S.p.A a Specialized Asian Food Brand | Benzinga
NEW YORK, Jan. 10, 2024 (GLOBE NEWSWIRE) -- DDC Enterprise, Ltd., (NYSEAM:DDC) ("DayDayCook," "DDC," or the "Company"), a leading content-driven food consumer brand, announces it has entered into an agreement to acquire 51% of G.L. Industry S.p.A ("GLI"), an Italian producer of specialized Asian ready-meals. The acquisition will continue the expansion of DayDayCook's international footprint and will be financed through a combination of cash and DDC stock. Oaklins HFG China provided advisory services for this transaction.
GLI produces ready-to-cook and ready-to-heat Asian foods for retail outlets and catering customers. GLI sells its products to over 7,000 European retailers under private labels as well as under the GLI owned Asiamama and Sushimama brands. GLI recently invested substantially in state-of-the-art machinery and currently manages two production facilities, which will provide the capacity to grow its revenue, which was approximately $11M in 2023 derived primarily from customers in Italy. As consideration for the 51% acquisition, DDC will pay a total of approximately $9.3M in cash over the next three years plus additional potential consideration of cash and stock based on GLI's revenue and EBITDA over the next three years. The acquisition is subject to customary closing conditions and notifications in accordance with the applicable law. It is expected to be completed in the first quarter of 2024.
"Today's announcement marks another significant milestone ...