The maker of Wai Wai Noodles, CG Foods, has reached a binding agreement to acquire GB Foods’ business in the Russia/CIS markets. CG Foods’ business in Russia and CIS countries, under the Gallina Blanca brand, is expected to change ownership from GB foods to CG Foods, owned by CG Corp Global, within the coming weeks.
The company did not specify financial details of the acquisition. GBfoods, which has a diversified portfolio of culinary products, operates through a geographical footprint in Western Europe, Russia and CIS, Baltics and Africa.
The acquisition aims to improve CG Foods’ presence in Europe and CIS markets, besides diversifying into culinary products and pastas. It will also leverage its existing distribution strength of GBfoods, the statement added.
CG Foods is the food division of CG Corp Global, a group with interests in FMCG, hospitality, real estate, telecom, energy and infrastructure, and financial services. The company’s flagship packaged foods brand Wai Wai competes with Nestlé’s Maggi and Indo Nissin’s Top Ramen in the instant noodles category.
CG Corp Global Chairman Binod Chaudhary said: “This acquisition with Gallina Blanca Russia/CIS will be a milestone in our global journey.” The company said it manufactures instant noodles in Nepal, India. It has a plant in Egypt which is under development. It added that it has the capacity to manufacture 140,000 tonnes of noodles annually.