Acquisition broadens DayDayCook’s menu of Asian prepared meals
An agreement has been reached for DayDayCook to purchase 51% of G.L. Industry SpA.
Finance for the deal will come from a combination of cash and DayDayCook shares. According to the company, DayDayCook will pay a total of about $9.3 million in cash over the following three years, with additional cash and stock consideration possible depending on GLI’s revenue and EBITDA during that time.
With the addition of GL Industry’s ready-to-cook and ready-to-eat Asian cuisine, the acquisition will expand DayDayCook’s menu of prepared meals.
DayDayCook purchased Thai American restaurant Yai’s Thai in December 2023. Yai’s Thai sells pantry essentials like stir-fry sauces and curries.
The company claims that G.L. Industry’s produces Asian-based meals for the large-scale retail trade and catering industry. Brands like Sushimama, a line of fresh sushi, and Asiamama, a line of Asian dishes that are ready to eat, are owned by GL Industry. At the moment, the business serves dim sum, rice, spaghetti, tempura, sushi, and other dishes that include fish and meat.
According to the company, it also sells its goods under private labels to more than 7,000 European retailers. According to the company, it also recently made investments in machinery and oversees two production facilities.
DayDayCook’s founder and CEO, Norma Chu, said, “Today’s announcement marks another significant milestone as the acquisition of GLI expands our growing footprint into the European market.” It emphasizes even more our dedication to growing globally and entering new markets while offering our patrons a wide variety of gastronomic delights. The founder of GLI, Cristian Lin, is an amazing businessman who has over the years greatly aided in the promotion of Asian food in Italy. Cristian will continue to lead GLI as CEO, and I’m excited about working with him as we develop more.
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As we continue to innovate and introduce more families in Europe to the delights of Asian cooking, I look forward to working with you as CEO of GLI, and Cristian will remain in that role.
DayDayCook was established in 2012 and provides Asian food products that are ready to eat, cook, and reheat.
It is anticipated that the acquisition will be finished in 2024’s first quarter. According to the company, Oaklins HFG China supplied advisory services for the deal.