Italian dairy company Granarolo has sold its Pandea baked goods unit to local bread maker Morato Pane, in an effort to refocus on the Italian dairy market.
Granarolo acquired Pandea, which specialises in the production and sale of baked goods and gluten-free products, at the end of 2016. The business has operated in Parma since 1946 and recorded a turnover of €12 million in 2019; €10 million of which was earned abroad, particularly in France and the UK.
“This operation is part of the new business plan, aimed at concentrating our efforts on the core dairy market in Italy and abroad,” said Gianpiero Calzolari, chairman of the Granarolo Group.
He added: “We intend to recover profitability by simplifying our business model and focusing on the milk and dairy product market, which will also involve acquisitions. We are pleased that we closed an operation that will ensure the ownership will continue to be Italian, with a partner that stands for excellence in the bakery market and that, like Granarolo, has an extensive business abroad.”
Meanwhile, the deal also confirms Morato’s international growth strategy as it aims to capitalise on the gluten-free market and extend its presence to new product categories.
Stefano Maza, CEO of the Morato Group, added: “This important acquisition has increased our openness to developing international business for our company, which today represents over 30% of turnover.
“We are responsibly taking the baton from Granarolo, with which we immediately shared the intention to ensure continuity in the management of the company, remaining strongly anchored to the key values that have guided Morato’s development for 50 years: quality and innovation at the service of the community.”
Financial details of the deal were not disclosed.
© FoodBev Media Ltd 2020