Frozen bakery products manufacturer Vandemoortele will acquire Lanterna-Agritech (LAG), a producer of frozen focaccia and bread in Italy.
The acquisition will enable Vandemoortele to boost its bakery products business in Italy, as well as extend its product range with typical Italian products such as focaccia and ciabatta.
LAG employs around 300 people and has production operations in Genoa, Ravenna and Padua. It generated around €87m in annual sales during 2013.
Vandemoortele chairman Jean Vandemoortele said: "This acquisition is fully in line with the growth strategy of Vandemoortele and comes on top of our investments in new factories in Lyon and Poland, as previously announced."
The transaction will be completed by the end of this month.
The financial terms of the acquisition were not disclosed.
LAG official Paolo Soldateschi said: "Vandemoortele is a strategic partner to strengthen our growth plans for Italy and we are also excited by the prospect to export our authentic focaccia from Genoa across Europe and the world."
Image: The acquisition will enable Vandemoortele to extend its product range with typical Italian products such as focaccia and ciabatta. Photo: courtesy of Apolonia / freedigitalphotos.
