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Olam buys independent coffee company Schluter
OLAM International has bought East African coffee specialist, Schluter, at an enterprise value of US$7.5 million.
Established in 1858, the independent Switzerland-based coffee company specialises in trading East African speciality and premium Arabica coffees.
Managing director and CEO of Olam Coffee, Vivek Verma, said: "Schluter is clearly a strong fit into our strategy for three key reasons. Our entry into the European speciality coffee market will complement our expanding speciality coffee presence in the US; Schluter will also deepen our origination expertise in East Africa; and their focus on building sustainable supply chains with smallholders is strongly aligned to our core purpose of growing responsibly."
The acquisition is funded by a mix of internal accruals and existing debt facilities.
Schluter's managing director Philip Schluter added: "As a combined business, I am confident we will be able to serve our customers and partners in many ways better than before."
Following the acquisition, Schluter will become the speciality arm of Olam Coffee in Europe.