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
A new wave of brands is emerging that promotes indulgence and rejects the notion of sacrifice. Low-maintenance “hangover” beauty products are designed to address the effects of late nights and partying without judgment or hassle, and even include cosmetics that are formulated in a way that means you can fall asleep in your makeup without feeling guilty.
The pilot will allow the company to scale circular packaging in about 18 markets over the next three years, an approach that jumps on the success of similar efforts in the company’s Indonesia ecoSPIRITS program, which launched in 2022 and is active in 38 bars.
Unilever’s focus on purpose across its brands has been a source of criticism from some of its investors. Its new CEO Hein Schumacher says the company now recognises there are some brands where the concept is simply not relevant.