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FoodBev Media
10 March 2008
Vivartia buys Nonni's
*Greek food group Vivartia has signed a deal to buy US biscuit and snacks producer Nonni's for $320 million (€208 million) as part of its expansion plans. *
Vivartia, which has operations in 30 countries - including Greece, Mexico, Bulgaria, Cyprus, Egypt, Poland, Romania and Russia - said it has agreed to buy 100% of Nonni's from US private equity firm Wind Point Partners and Nonni's board members in a deal expected to be completed by 1 April.
"The technical knowhow offered by the company in combination with its broadened network and commercial potential make Nonni's a suitable platform to expand in the US," said Vivartia CEO Spyros Theodoropoulos.
Nonni's offers six production units in the United States and reported 2007 EBITDA of $32 million (€21 million) on sales of $187 million (€122 million).
The Greek food group, 84.6% held by Marfin Investments Group MIGr AT, earns about 30% of total revenues from foreign operations, mostly from Central and Eastern Europe.