Kerry Group has announced the acquisition of 100% of China-based foodservice player Shanghai Greatang Orchard Food Co.

The Irish ingredients group has paid €91m (£78.3m) for 100% of the business’ share capital, with the potential of additional payments up to €99m (£85.2) over the next three years, depending on performance.

Shanghai Greatang Orchard Food Co is based in Shanghai, with 120 employees and expected full-year 2023 revenue of approximately RMB300m (£32.8m).

Kerry said Greatang was a “leading producer of local authentic and innovative taste solutions for local foodservice chains and the meals and snacks markets”.

It stated: “This acquisition strongly complements Kerry’s leading authentic taste position in China, broadening and deepening its capability and portfolio of local taste solutions in the region, most notably in the significant foodservice hotpot market.

“Greatang’s expertise strengthens and expands Kerry’s strategic positioning and capability as an innovation partner for local and international customers in China.”