Ebro Foods has agreed to offload its Panzani dry pasta, couscous, sauces and semolina business in France to CVC Capital Partners VIII, in a transaction valued at €550 million.
The deal includes the Panzani, Ferrero, Regia, Zakia and Le Renard brands, along with their associated manufacturing plants and mills.
However, the fresh pasta and rice businesses – including the Lustucru Selection and Taureau Ailé brands – will be separated from the unit and remain with Ebro.
Upon completion of the transaction, the business will remain headquartered in Lyon, France, with no impacted employees. The unit posted a turnover of €470 million in 2020 and currently employs 750 people.
The agreement marks another strategic step by Ebro in further strengthening and expanding its premium, fresh pasta and convenience businesses and comes after a series of divestments involving its dried pasta assets in North America.
In December 2020, Ebro’s Riviana Foods subsidiary sold its US branded pasta portfolio including San Giorgio and Creamette to TreeHouse Foods; while the company recently finalised its divestment of the Ronzoni dry pasta brand to 8th Avenue Foods & Provisions.
Earlier in the year, Ebro offloaded its Catelli dry pasta business in Canada to Barilla.
Ebro’s latest deal is expected to be completed before 31 December 2021, subject to approval by representatives of the workers, shareholders and regulatory bodies.
© FoodBev Media Ltd 2022
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