DDC Enterprise, Ltd., a multi-brand Asian consumer food company, announced it has acquired Omsom, an Asian food brand that has garnered a devoted following for its Cooking Sauces, Saucy Noodles, and bold cultural commentary.
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The acquisition, which consists of a combination of DDC’s cash and stock paid out over four years, is expected to accelerate new product innovation for Omsom, with R&D anticipated to take half the time from idea to aisle. Operational synergies between the two companies will also streamline processes and improve financial metrics. Further, the two companies share a mission and vision, and together with DDC's expanding portfolio, are poised to become a leading force in the Asian food industry.
DayDayCook was founded in 2012 by Chu, who is on a mission to share the joy of Asian cooking culture with the world. Omsom was founded in 2020 by first-generation Vietnamese-American sisters Vanessa and Kim Pham with the goal of bringing restaurant-quality Asian cuisine to American home kitchens.
Originally launched as a direct-to-consumer business, Omsom expanded into retail nationally just two years later. By the end of Q1 2024, grocery channel revenue was up 324% year-over-year, solidifying the team’s focus on retail expansion. The company’s two product lines – Cooking Sauces and Saucy Noodles – have reached 100K customers and 2000+ stores nationwide including Whole Foods Market, Target, Sprouts, and The Fresh Market. Omsom expects significant innovations and continued revenue and retail growth in 2024.
On June 4, 2024, the Compensation Committee of DDC’s board of directors granted option awards covering a total of 160,000 shares of DDC’s Class A Ordinary Shares to five new non-executive employees who were formerly employed by Omsom as a part of their employment packages with a wholly-owned subsidiary of DDC. Each award was granted under the terms of DDC’s 2023 Employee Share Option Plan and vests over a four-year period, subject to continued service through each vesting date. Each award was granted as a material inducement to employment in accordance with the NYSE Listed Company Manual Rule 303A.08.
