Avendus Capital advises Meeran family and McCormick on the sale of Eastern Condiments to Orkla

Eastern was established in 1983 by Mr. M. E. Meeran. Eastern is one of the leading spices company in India. For the last 12 months ending 30 June 2020, the company had a turnover of INR 9.0 billion. About half of the company’s turnover is generated in Kerala, with the remaining revenue stemming equally from across India and exports. Eastern offers a mix of non-vegetarian and vegetarian food products largely in the categories of blended and single spices.

MTR was established in 1924 and has been a part of Orkla since 2007. Since being acquired by Orkla, MTR has been recognized for its excellence in brand management, capable and stable management, a solid financial position, and world class standards in food safety, EHS and productivity enhancements. In addition to having seen strong domestic growth, its presence has been expanded to 32 countries around the world, with North America, Australia and New Zealand being the major markets. MTR, which has a total workforce of 1,018 employees, has two production facilities which are in Bangalore, Karnataka and Pune, Maharashtra. Its headquarters are located in Bangalore.

Orkla is a leading supplier of branded consumer goods and concept solutions to the consumer, out-of-home and bakery markets in the Nordics, Baltics and selected markets in Central Europe and India. Orkla is listed on the Oslo Stock Exchange and its headquarters is in Oslo. In 2019, the Group had a turnover of NOK 43.6 billion, and approximately 18,350 employees as of 31 December 2019.