Benzinga | Dec 10, 2021 07:00AM EST

Kraft Heinz Acquires 85% Stake In Just Spices For Undisclosed Sum

Kraft Heinz Co (NASDAQ:KHC) has agreed to acquire an 85% stake in Germany-based Just Spices GmbH, a direct-to-consumer business, for an undisclosed sum. The remaining 15% ownership stake will be retained by Just Spices' three founders, who will continue with the company.

* Just Spices was founded in Dusseldorf by Florian Falk, Ole Strohschnieder, and Bela Seebach in 2014. It has an annual sales of approximately (euro)60 million.

* Just Spices' 170-plus product portfolio includes spice blends, salad dressings, and easy-to-prepare "In Minutes" blends for diverse meal occasions.

* Just Spices sells 70% of its ready-made and one-step spice blends directly to consumers, with its remaining sales through major grocery retailers both in-store and online in Germany, Spain, Austria, and Switzerland.

* The deal is expected to be completed in the first quarter of 2022.

* Kraft Heinz held $2.3 billion in cash and equivalents as of September 25, 2021.

* Price Action: KHC shares are trading lower by 0.27% at $33.38 in premarket on the last check Friday.