Dutch dairy cooperative FrieslandCampina has sold fruit juice producer Riedel to Dutch-based firm Standard Investment.
Riedel, which contains the Appelsientje, CoolBest and DubbelFrisss brands, had a turnover of €125 million last year, down from previous financial years. Standard Investment, which also has stakes in Burger King Nederland and bread maker Dutch Bakery, hopes to turn the tide with the introduction of its juices with several European supermarket chains.
Standard Investment’s Guido Grobbink said: “We feel Riedel has a lot of untapped potential, which was unable to surface under FrieslandCampina’s banner. Its brands are very well-known with Dutch people and its products always come out on top in the flavour tests.”
The investment firm has also said it will invest more in marketing, something that was lowered over the past few years, as part of FrieslandCampina. Its new owner is also considering new markets, such as Scandinavia and Germany.
FrieslandCampina executive board member Roel van Neerbos said: “We were looking for a buyer that will be able to take Riedel to a next phase. With its broad knowledge and experience, Standard Investment came out best here. I am convinced that the new owners will make optimum use of the market opportunities of Riedel as an independent company.”
The acquisition fee has not been disclosed and the transaction is expected to be completed before the end of the year.
FrieslandCampina will retain a minority stake.
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