Sector News

Ferrero to buy majority stake in Spanish ice cream company ICFC

May 29, 2019
Food & Drink

Ferrero has announced a definitive agreement to acquire a controlling stake in Ice Cream Factory Comaker (ICFC), a Spanish ice cream manufacturer.

Headquartered in Valencia, ICFC makes a range of ice cream cones, sticks, tubs, cakes and lollies. The firm is present in more than 15 countries and has more than 700 employees at its two production facilities – in Alzira, Spain, and Castel d’Ario, Italy.

The transaction is expected to be completed in July 2019. The Lamsfus family will remain a shareholder of ICFC and Guillermo Lamsfus Bravo will continue to lead the business as managing director.

Ferrero said as part of its commitment to satisfying consumer needs, it is constantly evaluating new opportunities in different product categories.

The Italy-headquartered firm – owner of brands such as Nutella, Kinder Chocolate and Tic Tac – last month acquired a range of businesses from Kellogg in a deal worth $1.3 billion. Included in the transaction were Kellogg’s cookie, fruit and fruit-flavoured snack, ice cream cone and pie crust businesses.

Last year, Ferrero became the third largest confectioner in the US after acquiring Nestlé’s US confectionery unit for $2.8 billion.

In its financial year ended August 2018, Ferrero posted consolidated turnover of €10.7 billion, up 2.1% on the previous year.

Source: Food Bev

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