Italy’s largest dairy company, Granarolo Group, has acquired 25% of European Foods, a leading importer and distributor of Italian food products in New Zealand. The operation was conducted via Granarolo Group’s subsidiary, Granarolo International.
The deal also includes an option to purchase an additional 26% of shares within the next 12 to 18 months, which could enable Granarolo International to attain a 51% stake in European Foods.
Granarolo will now secure distribution of a range of its products in New Zealand, including Parmigiano Reggiano (parmesan cheese), Grana Padano and Pecorino.
According to Granarolo chairman, Gianpiero Calzolari, the operation will also enable the company to reach Australia and countries of Southeast Asia, with which New Zealand has free trade agreements.
Auckland-based European Foods, which had a turnover of over €6 million in 2014, distributes Italian food products in the retail and in the foodservice channels.
The Italian cheese market in New Zealand is worth over €5 million, while the total for Oceania is around €33 million, of which over 50% comes from Parmigiano Reggiano and Grana Padano sales.
Source: European Supermarket Magazine
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