Pandea specializes in the production and sale of baked goods and gluten-free products. Pandea, which has operated in Parma since 1946, was acquired by Granarolo at the end of 2016 through a bankruptcy auction called by the Court of Verona. Pandea recorded turnover of €12m ($14.3m) in 2019, more than €10m ($11.9m) of which primarily came from sales in France and the UK.
Gianpiero Calzolari, chairman of the Granarolo Group, said, "This operation is part of the new business plan, aimed at concentrating our efforts on the core dairy market in Italy and abroad. 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.”
Stefano Maza, CEO of the Morato Group, said, "This important acquisition has increased our openness to developing international business for our company, which today represents over 30% of turnover.
The operation was closed in partnership with Armando De Angelis, guided by Paolo Pigozzo, the former General Manager of Pandea, thus enabling us to capitalize on the know-how of the gluten-free market, extending our presence to new product categories in addition to those that the group currently covers, thanks to a partnership with Orva.
“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.”