International food and ingredients company Ofi has announced it is acquiring 116-year-old Canadian coffee roasting and packaging company Club Coffee for CA$150 million (approximately $117 million USD).
Ofi (which originally stood for “Olam Food Ingredients” and is currently styled “ofi” by the company) is the operating group that was spun off of agri-business giant Olam Group last year with the intention to pursue IPOs on the London and Singapore stock exchanges this year.
With operations in numerous agriculture and food sectors, Ofi is the umbrella organization that also covers the international Olam Coffee business and the United States-based Olam Specialty Coffee business. (Disclosure: Olam Specialty Coffee is a current DCN advertiser.)
Ofi’s acquisition of Toronto, Ontario-based Club Coffee will be paid for with existing cash and debt facilities. The acquisition is…