Bakkavör Group: acquires 48 percent share in Gastro Primo

Reykjavik / IS. (bk) Bakkavör Group has acquired a 48 percent share in the food and beverage supplier Gastro Primo in Hong Kong, with a non-binding call option to acquire the remaining 52 percent in 2010. The consideration price remains confidential. Gastro Primo specialises in supplying food service companies, catering establishments and restaurants, as well as retailers in Hong Kong and Macau with high quality food and beverage products. Its diverse product range includes, for example, ready meals, soups, sauces, fruits, vegetables, salads, sandwiches, as well as fruit juices and smoothies. The company was established in Hong Kong in 1990 and currently employs over 170 people in Hong Kong and Macau. Its turnover in 2007 was eleven million USD. Gastro Primo will be accounted for as an associate company from the acquisition date. The acquisition will not have a material effect on the Group´s financial results (press release).