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Core Viewpoint - Cobram Estate Olives (CBO) has agreed to acquire California Olive Ranch (COR) for $173.5 million, which includes cash, vendor notes, and an earn-out payment, marking a significant expansion in the US olive oil market [1][2]. Group 1: Acquisition Details - CBO will pay $173.5 million for COR, consisting of $88.5 million in cash, $70 million in vendor notes, and a $15 million earn-out payment [2]. - COR operates a vertically integrated model that includes cultivation, milling, bottling, and marketing, managing approximately 1,870 hectares of olive groves in California [2][3]. - The acquisition will expand CBO's Californian olive growing footprint from about 1,422 hectares to approximately 3,292 hectares [5]. Group 2: Financial Projections - COR is expected to generate around $150 million in net revenue and an EBITDA of $16 million on a pre-synergies basis for FY2026 [3]. - The combination of CBO and COR is projected to create synergies of $12 million in FY2027, increasing to over $20 million annually by FY2030 due to operational efficiencies [4]. Group 3: Market Impact - CBO has completed its FY2026 Californian harvest, securing a total olive oil supply of 3.8 million liters for the next 12 months, representing a 27% increase compared to the previous year [5]. - The acquisition is expected to accelerate sales growth through the addition of established premium brands, with California Olive Ranch being the top-selling brand of Californian-produced olive oil in the US [3][4].

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Health & Nutrition - A new study suggests olive oil may be a healthier alternative [1]