Food group Granarolo eyes M&A in U.S. just after buying British unit

MILAN (Reuters) -Italian dairy group Granarolo aims to expand via acquisitions and is seeking at alternatives in the United States, where it requirements a foundation to enable grow its cheese company, Chairman Gianpiero Calzolari told Reuters. The foods group on Monday claimed it experienced taken total control of its British […]

MILAN (Reuters) -Italian dairy group Granarolo aims to expand via acquisitions and is seeking at alternatives in the United States, where it requirements a foundation to enable grow its cheese company, Chairman Gianpiero Calzolari told Reuters.

The foods group on Monday claimed it experienced taken total control of its British distributor, Granarolo United kingdom, including this offer would open the way to even further M&A activity in the coming months.

In the last handful of years the team has enhanced its milk production and is now looking for new marketplaces outdoors Italy.

The United States could be an exciting marketplace for Granarolo’s tough cheese specialties, which include parmigiano reggiano and grana padano, which are shielded designation of origin.

“The strategy is obtaining a enterprise abroad that would make regional merchandise and acts as platform to market specialties we make in Italy,” Calzolari told Reuters in a cellphone job interview.

The group, which has Italy’s greatest lender Intesa Sanpaolo among the its buyers, could also make acquisitions in other European international locations or even in Italy, Calzolari stated.

The group does not exclude a potential bourse listing, but the possibility is not on the table in the quick-expression, the chairman claimed.

Previous yr the group posted income of 1.28 billion euros, down 3% 12 months-on-calendar year because of to the pandemic. Profits in international markets accounted for far more than just one-third of whole profits.

On Monday Granarolo reported it experienced acquired the 49% of Granarolo United kingdom it did not very own in a go to bolster its footprint in Britain.

“We feel we can strengthen Granarolo British isles profits to 100 million euros by around 2024 from 60 million euros in 2020,” he reported.

Granarolo now accounts for extra than 10% of all the dairy merchandise Italian foods producers offer in Britain and 8.8% of Italy’s worldwide dairy exports.

($1 = .8231 euros)

Reporting by Francesca Landini Editing by Kirsten Donovan and Steve Orlofsky

Traci J. Lewis

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