Smart Organic AD said on January 20, 2022 that it acquired 100% interest in the Netherlands-based bio food distributor Amigos International Trade for an undisclosed sum. Smart Organic intends to expand the market for Amigos' bio arenga palm sugar brand Red Ape, through its wide client network across Europe, as well as to benefit from the acquired company's business relations in the Netherlands and Belgium by offering its own products on those markets, the Bulgarian company said in a bourse filing. Smart Organic noted that the transaction does not substitute for the acquisition of an unnamed Germany-based competitor which was expected to take place at the end of 2021.

Talks with the target company are continuing, Smart Organic said. Smart Organic is considering other acquisition options and is currently in the initial stages of negotiations with another German company, which is strategically more attractive. The new target company is significantly larger and if the negotiations lead to a deal, the transaction will require additional financing with own funds, the organic products maker said in the bourse filing.