Italian foodstuff group Granarolo acquires 100% of British unit, eyes M&A

MILAN, May 17 (Reuters) – Italy’s Granarolo has taken finish command of its British distributor…

MILAN, May 17 (Reuters) – Italy’s Granarolo has taken finish command of its British distributor Granarolo United kingdom, the dairy team said on Monday, including that it was looking at far more acquisitions this yr.

Granarolo, which creates a significant assortment of products including milk, yogurt and mascarpone cheese, mentioned it experienced purchased the 49% of Granarolo United kingdom it did not have in a shift to fortify its footprint in Britain.

This deal follows other transactions by Italian meals providers in Britain together with the current invest in of Pasta Evangelist by Barilla and Ferrero’s specials very last yr to receive Fox’s biscuits and Take in Natural’s cereal bars.

“The consolidation of Granarolo British isles is an critical phase in the group’s growth plan abroad,” Granarolo Chairman Gianpiero Calzolari mentioned in a assertion.

“During the year we goal to obtain other organizations in Italy, Europe and abroad,” he additional.

Granarolo accounts for more than 10% of all the dairy merchandise Italian foods producers promote in Britain and 8.8% of Italy’s world-wide dairy exports.

Granarolo British isles posted revenue worth 60 million euros ($72.89 million) very last calendar year, slightly down when compared with 2019, the Italian group said. ($1 = .8231 euros) (Reporting by Francesca Landini Editing by Kirsten Donovan)