Spanish food company GB Foods wants to bid for Belgian Continental Foods next week. Two other companies are allegedly interested in the company which owns Devos Lemmens, Aiki and Royco.
1 billion euro
If GB Foods acquires Continental Foods, then it would be a good geographical match: the Spanish company is present in Spain, Italy, Netherlands, Russia and thirty other countries in Africa and the Middle East. Continental Foods is active in France, Germany, Belgium and Scandinavia.
Both companies have a rather similar product range, mainly filled with sauces, soup and prepared meals. GB Foods’ turnover is much larger than Continental Foods’ turnover, with 1 billion euro and 400 million euro turnover respectively.
According to De Tijd, not only GB Foods is interested, because two others have indicated an interest, but it is not clear who the other companies are at this point.
Investment fund CVC owns Continental Foods, but has put it up for sale in April. It hopes to get at least 1 billion euro, more than double its 400 million euro acquisition fee in 2013. Ever since it acquired Continental Foods, its structure was altered, growing its operational profit from 50 to 81 million euro at identical turnover levels.
By Yoni Van Looveren
Source: Retail Detail Europe
The global snacking, international cereal and noodles, plant-based foods and North American frozen breakfast business will be known as Kellanova – home to brands such as Pringles, MorningStar Farms and Nutri-Grain. Kellanova’s portfolio will also encompass cereal brands, including Frosties, Special K, Krave and Coco Pops.
Nestlé is piloting refillable vending machines for its Milo and Koko Krunch brands as part of its effort to explore solutions that help to reduce the need for disposable packaging. In collaboration with digital start-up Qyos by Algramo, the machines will be available at two retailers in Indonesia during a 4-6 month trial period.
Carlsberg has announced that Jacob Aarup-Andersen will join the company as chief executive officer, replacing Cees ’t Hart, who will retire by the end of Q3 2023. Since 2020, Aarup-Andersen has served as CEO of ISS, a global facility services company that operates in 60 countries.