SPARKS, MD – McCormick & Company announced this week that it has purchased 100 percent of Botanical Food Company, Pty Ltd’s shares for approximately $114 million.
Botanical Food Company is the maker of the Gourmet Garden brand of packaged herbs.
"We are pleased to expand our portfolio of leading brands around the world with the addition of Gourmet Garden,” said McCormick President and CEO, Lawrence E. Kurzius, in a press release. “The owners and employees of Gourmet Garden have built a great business, and we look forward to working with them to achieve continued success.”
Gourmet Garden, specializing in packaged and chilled fresh herbs, is currently sold in 15 countries, with 90% of customers located in North America and Australia. McCormick plans to drive the brand’s sales by expanding global distribution, building awareness with increased brand marketing, and greater household penetration.
McCormick said the company’s product portfolio, international distribution, double-digit company growth, and annual sales of $53 million inspired the acquisition.
“We anticipate strong growth for these products, particularly in the U.S. and key international markets where consumers appreciate the value and accessibility of cooking with a more convenient flavoring alternative,” said Kurzius.
McCormick added that it expects the acquisition to be fully accretive in 2017, but to see no earnings per share impact in 2016 due to the estimated impact of transaction and integration costs.
AndNowUKnow will continue to track the company’s growth with its new home, as well as other growing companies in the industry.
