DayDayCook (DDC), a Hong Kong-founded food business, has announced its second acquisition in recent weeks, agreeing to buy Italy’s G.L. Industry (GLI). Like DDC, GLI produces Asian-style ready-meals.
On 26 December, DDC expanded its US footprint with the acquisition of Colorado-based Thai cuisine specialist Yai’s Thai. The move for GLI, announced today (11 January), marks DDC’s entry into the European market.
The acquisition sees DDC buying a controlling 51% stake in GLI for approximately $9.3m in cash over the next three years, plus an additional potential consideration of cash and stock based on the Italian company’s revenue and EBITDA over that period.
GLI produces ready-to-cook and ready-to-heat Asian foods for retail outlets and catering customers. The company distributes its products to more than 7,000 European retailers on a private-label basis, as well as under the GLI-owned Asiamama and Sushimama brands. Its product range includes spring rolls, dumplings, rice, noodles, and sauces.
The CEO of DDC, Norma Chu stated, “Today’s announcement marks another significant milestone as the acquisition of GLI expands our growing footprint into the European market. It further underscores our commitment to expanding worldwide and in new markets bringing diverse culinary delights to our customers.”
Cristian Lin, the founder of GLI, added, “I believe the union between DayDayCook and GLI provides a unique opportunity for growth, as the business of ready-Asian meals in Europe is rapidly developing. The DayDayCook brand is one we are proud to become a part of.”
Founded in 2012, DDC has built up its business through e-commerce linked to an active online presence. It describes itself as a “leading content-driven consumer brand”, offering ready-to-heat, ready-to-cook, and ready-to-eat products.
DDC says it builds brand recognition through “culinary and lifestyle content across major social media and e-commerce platforms”. It is said to have 60m active viewers in China and 3.5m paying customers there.
This acquisition signals DDC’s commitment to expanding its global presence and diversifying its product range. The acquisition positions the company to capitalize on emerging food and beverage industry trends in the European market, further establishing its presence in the food and drink business. With this strategic move, DDC aims to tap into new food and drink consumer trends in Europe, providing a variety of Asian-style ready-meals to meet the evolving demands of consumers in the region.
