Asian cuisine business DayDayCook has announced the acquisition of US-based peer Omsom.
Financial details of the deal were not revealed.
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Hong Kong- and US-based DayDayCook said in a statement that the move, combined with its “expanding portfolio” would help it move closer to “[becoming] a leading force in the Asian food industry”.
The transaction, a mixture of cash and stock, is to be paid over the next four years, and will be injected into Omsom’s NPD to halve the time it takes to get a product from the stages of “idea to aisle”, DayDayCook said.
“Operational synergies between the two companies will also streamline processes and improve financial metrics,” the group added.
Omsom will become the sixth brand in DayDayCook’s portfolio, which includes its namesake label and the Chinese brands Mengwei instant noodles and Yujia-Weng seafood products. It also owns two US Asian cuisine brands, Nona Lim and Yai’s Thai, which were snapped up in the past 12 months.
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By GlobalDataDayDayCook founder Norma Chu said: “Having three notable Asian food brands in our portfolio will create enhanced synergies and resource integration, and make our operations more efficient and profitable.
“We look forward to collaboration across the three brands and to ensuring even more Asian-inspired and developed products reach more US kitchens in the future.”
Reacting to the news in a LinkedIn post, Omsom co-founders Vanessa and Kim Pham wrote: “It is no secret that start-ups are facing tons of challenges right now – and as we always do, we centered in our values when we made the decision on how best to take agency over our future.
“As we considered what our team needed – a faster product innovation process [and] ability to scale into retail – we knew that an acquisition by DayDayCook would give us the resources to keep growing as a household name.”
Omsom’s range of cooking sauces and instant noodles are sold to retailers across the US including Whole Foods Market, Target and The Fresh Market.
In an interview with Just Food earlier this year, NYSE-listed DayDayCook said that building a roster of US brands was key to its growth strategy.
“Our growth strategy focuses first on growing our footprint internationally, with a primary focus on the US,” DayDayCook founder Norma Chu said. “The second part is a multi-brand product portfolio. There’s a lot of terminology in this category but the focus is definitely to consolidate in the space of Asian convenient meal products.”
