Food and snacks company Kellogg Co.(NYSE: K), the owner of the Frosted Flakes, Rice Krispies and Corn Flakes brands, has bought family-owned Egyptian cereal producer Mass Food Group for $50 million in cash, as it continues to grow in expanding markets.
Mass, founded in 1996, is known for the Temmy’s and Nutrifit cereal brands. The Cairo, Egypt-based company has about $18 million in annual sales.
“Today’s announcement builds upon significant progress against our emerging market growth strategy announced earlier this year,” says Kellogg CEO John Bryant. Earlier this year, Battle Creek, Michigan-based Kellogg acquired a majority stake in Cairo-based biscuits maker Bisco Misr.
Strategic buyers have been going after food companies in 2015. Other deals include B&G Foods Inc. (NYSE: BGS) paying General Mills Inc. (NYSE: GIS) $765 million for the Green Giant brand; Flowers Foods Inc. (NYSE: FLO) adding Alpine Valley Bread Co. for $120 million in cash and stock; and Post Holdings Inc. (NYSE: POST) picking up Willamette Egg Farms LLC for $90 million.