Granarolo buys up remaining shares of Granarolo UK and eyes more acquisitions

By Jim Cornall contact

- Last updated on GMT

In the UK Granarolo currently represents 10.4% of exported Italian dairy products.  Pic: Granarolo
In the UK Granarolo currently represents 10.4% of exported Italian dairy products. Pic: Granarolo

Related tags: Italy, Granarolo S.p.A., Cheese, M&A

Granarolo S.p.A. has acquired the remaining 49% of Granarolo UK Ltd to increase its share capital from 51% to 100% with a view to consolidating its presence in the UK.

Granarolo UK Ltd is a company incorporated under English law in 2013 from the partnership between Granarolo and Fratelli Bosco Ltd for the distribution of dairy products in the UK. In 2018, Granarolo UK grew upon the acquisition of 100% of the Midland Food Group, a distributor of fresh, ambient and frozen food products in the UK.

In 2020, the consolidated turnover achieved by Granarolo UK was approximately €60m ($73m), which it said was a slight decrease caused by the Covid pandemic.

In the UK Granarolo currently represents 10.4% of exported Italian dairy products.

For Granarolo, sales outside of Italy in 2020 represented 33% of total sales.

The 2021-2023 strategic plan includes several acquisitions with a focus on dairy producers in strategic markets.

"The consolidation of Granarolo UK is an important step in the group's growth policy abroad,” said Gianpiero Calzolari, chairman of Granarolo.

He said the project is to replicate the positive performance achieved in the French market where Granarolo has grown to reach a volume share of 18.5% of the total Italian dairy.

Related topics: Consolidation, Manufacturers, Cheese

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