Associated British Foods has acquired Anthony’s Goods, a fledgling US supplier of bakery products from almond flour to coconut oil.
The UK-listed grocery, ingredients and retail holding company struck the deal through US baking and oils arm ACH Food Companies. Financial terms were not disclosed.
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ACH, home to brands including Mazola cooking oil and Fleischmann’s yeast, described Anthony’s Goods as “a leading digital-native brand” that had developed products that had become “category top-selling items on Amazon”.
“One of the key reasons we partnered with Anthony’s Goods is their ability to rapidly meet increasing consumer demands for high-quality natural, organic options,” ACH chief executive Imad Bazzi said. “Anthony’s is one of the fastest growing, entrepreneurial businesses we’ve seen in our sector and will be a strong complement to our core business.”
Anthony’s Goods was founded by Anthony Zanontian and Alex Avakian, friends who decided to sell almond flour and other gluten-free ingredients after doctors diagnosed Zanontian with rheumatoid arthritis. They will continue to head the business, ACH said.
Zanontian said: “We definitely found the right partner in ACH, as they demonstrated a relentless passion and deep attention to detail for our products and our consumers.”
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By GlobalDataAvakian added: “We’re confident that ACH’s experience and capabilities, guided by our original vision, will help bring our great-tasting organic, natural flours and meals to the world.”
In a trading update ahead of ABF’s annual financial results, which are expected to be published in November, the London-listed group said this week ACH had “performed strongly this year”.
Outlining the performance of its subsidiaries in the year to 14 September, ABF said ACH had seen “excellent margin improvement driven by lower oil commodity costs, further market share gains in Mazola corn oil and improved trading in Mexico”.
