Olam buys US almond manufacturer Hughson for $73.5m

Hughson is amongst the top five almond processors in California.

Food and agricultural firm Olam has inked a $73.5m (US$54m) purchase agreement for a 100% interest in US almond processor Hughson Nut (HNI), according to a press release.

The acquisition will be funded by a combination of internal accruals and existing debt facilities and will be completed in November. It is expected to be earnings and returns accretive after the first year of consolidation.

Associated real estate assets from APB Partners were also included in the deal on a willing-buyer, willing-seller basis.

HNI will enable Olam to offer integrated solutions across the US almond value chain, including processed nuts and value-added ingredients similar to capabilities in Australia and Vietnam.

HNI’s senior executive team and its 400 employees will continue to manage operations.

Ranking amongst the top five almond processors in California, HNI also manufactures sliced and diced almonds and almond flour.

Photo courtesy of Pexels.com.

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