Italian food group Granarolo acquires 100% of British unit, eyes M&A – Reuters

On Monday Granarolo said it had bought the 49% of Granarolo UK it did not own in a relocate to strengthen its footprint in Britain.
” We believe we can increase Granarolo UK sales to 100 million euros by around 2024 from 60 million euros in 2020,” he stated.
Granarolo presently accounts for more than 10% of all the dairy items Italian food manufacturers sell in Britain and 8.8% of Italys international dairy exports.
($ 1 = 0.8231 euros).

MILAN (Reuters) -Italian dairy group Granarolo aims to grow through acquisitions and is looking at opportunities in the United States, where it requires a base to help broaden its cheese organization, Chairman Gianpiero Calzolari informed Reuters.
The food group on Monday said it had taken complete control of its British supplier, Granarolo UK, including this offer would break the ice to further M&A activity in the coming months.
In the last couple of years the group has actually increased its milk production and is now trying to find new markets outside Italy.
The United States could be an intriguing market for Granarolos tough cheese specializeds, consisting of parmigiano reggiano and grana padano, which are protected classification of origin.

” The idea is having a company overseas that makes regional products and acts as platform to offer specializeds we make in Italy,” Calzolari told Reuters in a phone interview.
The group, which has Italys biggest bank Intesa Sanpaolo among its investors, might likewise make acquisitions in other European nations or perhaps in Italy, Calzolari stated.
The group does not omit a future bourse listing, but the alternative is not on the table in the short-term, the chairman said.
In 2015 the group published income of 1.28 billion euros, down 3% year-on-year due to the pandemic. Sales in foreign markets represented more than one-third of total income.

Reporting by Francesca Landini; Editing by Kirsten Donovan and Steve Orlofsky.