Associated British Foods (ABF) has announced it has bought Acetum, an Italian producer of balsamic vinegar of Modena.
Acetum’s brands include Mazzetti, which is a market leader in Germany and Australia, and Fini. In the year ended 31 December 2016, the business generated net sales of €103 million.
The company produces a range of apple vinegars and other condiments, selling its products to more than 60 countries around the world.
In a statement, ABF said: “We have ambitious plans to grow these brands and the acquisition will broaden our international presence in speciality foods.”
Acetum was founded by Cesare Mazzetti and Marco Bombarda, both of whom will remain in the business, and is based in the Province of Modena in Northern Italy.
Completion of the transaction is subject to antitrust clearance in Germany and Austria.
The news comes as ABF revealed in its pre-close trading update that its adjusted operating profit will be boosted by currency fluctuations.
Around two thirds of the group’s operating profit was earned outside the UK, reflecting an £85 million boost this financial year for the 52 weeks to September 16.
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