The Kraft Heinz Company unveiled that it has reached an agreement to purchase Assan Foods, from privately held Turkish conglomerate Kibar Holding, in a deal that values the enterprise at approximately $100 million.
The brand is a rapidly growing sauces-focused business with local manufacturing facilities in Balikesir and Izmir that has been a certified production partner for the company since 2019 and offers the opportunity to build its retail and foodservice business across Europe, the Middle East and Africa.
The brand manufactures and sells a wide range of products, including those that appeal to a variety of international cuisines and are sold under brands including Colorado.
Rafael Oliveira, International Zone president at Kraft Heinz, said, “This is a great opportunity to accelerate our international growth strategy centered on Taste Elevation. We believe Assan Foods is a high-performance organization that brings best-in-class local innovation and production of sauces and tomato products, as well as a significant distribution network in the fast-growing foodservice channel, enabling us to further build our scale and agility by expanding the Heinz brand in Turkey, as well as our International Taste Elevation platform more broadly.”