Orchard Foods Valley Ltd ("OV UK"), a subsidiary of Orkla Food Ingredients
("OFI"), has signed and completed an agreement to acquire 100% of the shares
in Phoenix Brands Ltd ("Phoenix Brands"), a UK-based producer of biscuits and
baked inclusions.

With the acquisition, OV UK strengthens their position within the sweet
inclusions category and supports the further development of manufacturing
capabilities in the UK market.

Phoenix Brands represents a complementary addition to OV UK's activities,
providing manufacturing capabilities within biscuits and baked inclusions. The
company serves customers across bakery, dairy and confectionery applications
with its own production site.

"Phoenix Brands represents a strong strategic fit for OV UK. The company has
built a focused and scalable platform with long standing customer
relationships and a clear position within its niche. This acquisition
strengthens our capabilities within sweet inclusions and enhances the value
offering we bring to customers in the UK market," says Coen Louwerse, CEO of
OV UK.

"This acquisition is well aligned with our strategy of strengthening our
ingredients portfolio through targeted investments in attractive categories
with strong fundamentals. Phoenix Brands supports our ambition to build
leading, specialised positions in selected segments over time," says Tor
Osmundsen, CEO OFI Sweet Ingredients.

"Phoenix Brands has developed into a well run business with a strong market
position, built on product quality, technical expertise and close customer
collaboration. I am pleased that the company is becoming part of OV UK and
OFI, and I look forward to remaining involved in the business to support
continuity and its continued development," says Andy Richards, previous owner
and Managing Director of Phoenix Brands.

The parties have agreed to keep the purchase price confidential.
 
About Orkla Food Ingredients
Orkla Food Ingredients ("OFI") supplies ingredients to a broad range of
customers in the bakery, ice cream and plant-based markets, and has a leading
position in Europe and a platform for growth in the USA. Important sales
channels include industrial manufacturers that chiefly manufacture and supply
products to the grocery channel, the Out of Home channel, for example through
artisanal bakeries and ice cream kiosks, and direct sales to consumers. The
biggest product categories are bread and cake improvers and mixes, yeast,
marzipan, ice cream ingredients and margarine and butter blends.
 
About OV UK
OV UK is part of Orkla Food Ingredients and is a leading supplier of sweet
ingredients in the UK. The company offers a broad portfolio of products and
solutions, serving both industrial and artisanal customers, and focuses on
developing strong customer partnerships through category expertise, product
quality and reliable delivery.
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