Granarolo – aiming to grow UK presence through deal
Italian dairy business Granarolo has taken full control of the UK joint venture business it established with local Italian food specialist Fratelli Bosco.
It has increased its stake in Granarolo UK from 51% to 100% through the deal. Financial details were not disclosed.
Granarolo and Fratelli Bosco, based in the English Midlands, established the operation in 2013 to distribute dairy products in the UK. In 2018, Granarolo UK grew through the acquisition of Midland Food Group, a distributor of fresh, ambient and frozen food products.
The Italian company said its acquisition of its partner’s share of Granarolo UK consolidates its presence in the market.
It told Just Food in April that it was eyeing acquisition targets at home and abroad and last month it upped its stake in Italy-based cheese company Mulino Formaggi to take full ownership of the business.
Gianpiero Calzolari, chairman of Granarolo, said: “The consolidation of Granarolo UK is an important step in the group’s growth policy abroad. The project is to replicate the positive performance achieved on the French market where we have grown significantly.”
He added: “During the year, we aim to acquire companies operating in the reference market in Italy, Europe and overseas.”
In 2020, Granarolo UK achieved a turnover of around EUR60m (US$72.9m). Granarolo’s exports account for around 33% of its total sales.