By Colin Kellaher

 

Kraft Heinz Co. on Friday said it agreed to buy 85% stake in Germany-based spice start-up Just Spices GmbH for an undisclosed amount.

The Pittsburgh food maker said Just Spices' three founders will retain the remaining 15% of the company, which generates annual sales of around $68 million from its portfolio of more than 170 products.

Kraft Heinz said Just Spices sells roughly 70% of its ready-made and one-step spice blends directly to consumers, with its remaining sales through major grocery retailers in Europe.

The company said it expects to complete the acquisition in the first quarter of 2022.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

December 10, 2021 06:10 ET (11:10 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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