RTTNews | Dec 10, 2021 06:08AM EST

06:08 Friday, December 10, 2021 (RTTNews.com) - The Kraft Heinz Company (KHC), a food and beverage company, said on Friday that it would acquire an 85 percent stake in Just Spices, a German supplier of spice blends, pure spices, and quick-fix meal kits. The financial terms of the deal are not known.

The remaining 15 percent ownership stake will be retained by Just Spices' three founders, who will continue on with the company in the post acquisition, the acquirer said in a statement.

Rafael Oliveira, International Zone President at Kraft Heinz, commented: "We will leverage our scale and agility to accelerate Just Spices' business in the fast-growing taste elevation market beyond its current German base and its recent market entries in Spain, Austria, and Switzerland. We also see tremendous potential to strengthen and enhance our own direct-to-consumer operations and go-to-market expansion."

The deal is expected to be completed in the first quarter of 2022.Founded in 2014, Just Spices has reported annual sales of approximately 60 million euros.

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