DDC Enterprise Limited (NYSEAM: DDC), also known as DayDayCook, has announced its acquisition of Omsom, a dynamic Asian food brand renowned for its Cooking Sauces and Saucy Noodles. This acquisition, combining cash and stock, will be distributed over four years, marking a significant step for DDC towards becoming a frontrunner in the Asian consumer food sector.
Omsom, celebrated for its vibrant branding and authentic flavors, has made substantial strides since its inception in May 2020 by sisters Vanessa and Kim Pham. The company’s commitment to celebrating Asian Americana has earned it a substantial consumer base and critical acclaim. Under the terms of the acquisition, Omsom is poised for accelerated product development and enhanced operational efficiency, promising to halve the time from concept to market for new products.
Norma Chu, founder of DDC, expressed enthusiasm about the merger, highlighting the shared missions and visions of both companies. “We are delighted to welcome Omsom to DayDayCook. Our growing presence in the U.S., alongside other acquisitions such as Nona Lim and Yai’s Thai, enhances our ability to deliver authentic Asian cuisine to more American homes,” Chu stated.
Kim Pham, co-founder of Omsom, reflected on the company’s journey and its new phase with DDC. “Our brand has always stood for more than just food; it’s about culture and identity. Partnering with DayDayCook enables us to extend our reach and continue celebrating Asian Americana on a larger scale.”
Vanessa Pham, CEO and co-founder of Omsom, also commented on the synergy between the two companies. “Joining forces with another Asian woman-led business like DayDayCook is a significant step towards amplifying our impact and continuing our mission with greater resources and support.”
Since its launch, Omsom has expanded from a direct-to-consumer model into widespread retail distribution, featuring in over 2,000 stores nationwide, including prestigious outlets like Whole Foods Market and Target. The company’s growth has been impressive, with grocery channel revenues increasing by 324% year-over-year by the end of Q1 2024.
In a related development, DDC’s Compensation Committee granted option awards for 160,000 shares of Class A Ordinary Shares to five former Omsom employees, as part of their integration into the company. These awards, vested over four years, are intended as an inducement for their continued contribution to DDC under the 2023 Employee Share Option Plan.
This strategic acquisition not only expands DDC’s portfolio but also strengthens its position in the U.S. market, promising innovative Asian cuisine solutions and continued growth in the industry.
