Oterra has acquired the Indian ingredients manufacturer Akay Group.
Akay Group was formed in 1995 and is a leading player within natural colours and dietary supplement ingredients. The company is present in more than 40 countries, has four modern manufacturing sites in southern India and employs more than 400 people.
Oterra is a global market leader within the development and manufacturing of natural colours for food and drinks, and, since March 2021, the company has been owned by the private equity fund EQT.
Through the acquisition, Oterra strengthens its access to natural colours and gains an attractive product pipeline.
Akay Group is Oterra’s fourth acquisition in just 14 months. Oterra has previously announced the acquisition of SECNA Natural Ingredients Group and Diana Food’s colour company business in 2021 and the acquisition of Food Ingredient Solutions at the beginning of 2022.
The transaction is subject to approval from the authorities.
Accura advised Oterra and EQT as global lead counsel in connection with all the legal aspects of the transaction. The Indian law firm Cyril Amarchand Mangaldas was engaged as local counsel and has assisted with due diligence and the Indian aspects of contract negotiations etc.