LT Foods Ltd on Wednesday said that its subsidiary Nature Bio Foods BV, has acquired 30 per cent stake in a Netherland-based Leev.nu for an undisclosed amount. The company said the acquisition has been done with an option of acquiring a further stake of 21 per cent at the end of five years.
Leev.nu, which is an organic specialty food company, is known for a product portfolio consisting of breakfast bars, healthy snacks, baking range & gluten free and low sugar products . It is also expanding its product portfolio into organic whole grains categories such as oats and flax seeds.
LT Foods said that (NBF BV), which provides authentic organic products across the globe. It has already set up distribution subsidiaries in the US and Europe.
“As consumers globally gravitate towards food choices that are safe, environmentally friendly and healthy, NBF BV. is aggressively eyeing to expand its branded organic ingredient and super food product portfolio in Europe,” the statement added.
Vijay Kumar Arora, Chairman & Managing Director LT Foods Ltd said, “Strategically, this acquisition gives NBF BV, a direct reach to the consumers through the mainstream distribution strength of Leev..”
“ Leev.nu will now have access to 100 percent organic products grown by Nature Bio Foods’ network of nearly over 60,000 organic farmers, cultivated in over 80,000 hectares of certified organic land in India. Now consumers of the Netherlands will enjoy finest organic Ingredients from India with local distribution in the Netherlands. This will further promote the share of India’s organic food in the EU,” Arora added.
Leo Voorwinden, Director, Leev.nu, added, “With NBF BV, a subsidiary of LT Foods coming on board, we can source our raw materials directly from organic farmers in India.”