Spain-based food company Ebro Foods has entered into an agreement to acquire 52% stake in the Italian company Pastificio Lucio Garofalo for EUR62.5m.
Pastificio owns brands such as Garofalo, Santa Lucia and Russo de Cicciano, inter alia, with focus on dry pasta premium segment in Italy and other countries across the worth. It reported gross sales of €134m in 2013.
According to Ebro, the acquisition with Garofalo will allow it to cooperate in the development and international promotion in the premium segment.
The transaction is expected to close by the end of June this year.
The Menna family, who had held shares in Pastificio since 1952, took the full control of the company in 1997. Under the Garofalo signature brand, the company has recorded major growth being the fastest growing pasta brand for the last decade in the home market.
Image: Pastificio Lucio Garofalo focuses on dry pasta premium segment in Italy. Photo: courtesy of Zsuzsanna Kilian.
