LONDON (February 22, 2012) — International law firm McDermott Will & Emery LLP today announced that it represented Singapore listed Olam International Limited in its acquisition of Titanium Holding Company SA, the Panamanian holding company of Nigeria's OK Foods group (OK Foods) for US$167 million and in the US$75 million initial investment in Milky Projects Limited, the Cyprus holding company of LLC Rusmolco, one of Russia’s leading dairy businesses. Since its first instruction in 2008, McDermott has advised Olam International on eight completed transactions including its acquisitions of Nigeria’s Crown Flour Mills for US$108 million and the Gilroy foods and flavours division of ConAgra in the US for US$250 million, both in 2010.
Based in Singapore, Olam International is a leading global integrated supply chain manager with a portfolio of 20 agricultural products and food ingredients. The company handled 8.5 million tons of products for a sales revenue of S$15.7 billion in FY 2011. Olam currently ranks among the top 40 largest listed companies in Singapore in terms of market capitalization.
OK Foods is Nigeria's second largest manufacturer of candy, confectionary products and biscuits with over 1,700 employees and a proprietary logistics infrastructure covering the entire country. Rusmolco is one of Russia's leading dairy businesses owning approximately 130,000 hectares of land in the Penza region, south west of Moscow. Olam's plans to invest significantly in the business in the next 4-5 years to increase the milking cow population ultimately to 50,000 heads producing 500 million litres of raw milk annually and to develop the current land bank for grain farming.
“We are extremely pleased to have worked alongside Olam in the successful completion of these important transactions,” said lead McDermott deal partner Nicholas Azis, based in London. “McDermott has a strong track record in the food, agribusiness and commodities sectors in the US and we are very pleased to be translating this strength cross border. With rapidly changing demographics in Asia and Africa causing a demand for different types of food combined with the pressure on available resource, we see the food, agribusiness and commodities spaces as increasingly important for our firm and one where we can leverage our trade, regulatory and other sector skills.”
In addition to Mr. Azis, the McDermott London-based deal team included associates Laurence Applegate, Victoria Macleod, David de la Marck, James Ross and associate Richard Cook on the Russian transaction. McDermott head of corporate David Goldman led the US team advising Olam on the acquisition of Gilroy foods and flavours from ConAgra in 2010.About McDermott Will & Emery
McDermott Will & Emery is an international law firm with a diversified business practice. Numbering more than 1,000 lawyers, we have offices in Boston, Brussels, Chicago, Düsseldorf, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Rome, Silicon Valley and Washington, D.C. Extending our reach to Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.