American establishment California Olive Ranch has acquired Italian extra virgin olive oils producer Lucini Italia from Molinos USA for an undisclosed amount.
Molinos USA, however, retains a significant minority share in the combined company.
California Olive Ranch and Lucini Italia will continue to operate under their own labels.
The transaction will allow California Olive Ranch to enter the sauce, vinaigrette, and vinegar categories with Lucini's portfolio of quality products.
Commenting on the acquisition, California Olive Ranch CEO Gregg Kelley said, "Lucini shares our standards of quality and authenticity and will continue California Olive Ranch's mission to bring genuine and delicious extra virgin olive oil to the American consumer. We see strong growth in the premium segment in coming years and we think these two brands are best positioned to prosper as consumers trade up to better quality."
Molinos added: "We are thrilled about the California Olive Ranch's acquisition of Lucini Italia. We are impressed by California Olive Ranch's track record of growth as well as their quality products. The two companies are a natural fit, and the combination creates a very attractive go-to-market proposition with potential for rapid expansion in the US."
Image: Lucini Italia oils are traditionally produced as all olives are hand-picked before milling and milled in small batches at local mills. Photo: courtesy of m_bartosch / freedigitalphotos.net.
