Italian confectionery giant Ferrero has entered into a definitive agreement to acquire a majority stake in Spain’s Ice Cream Factory Comaker (ICFC).
ICFC, which specialises in the private-label ice creams, distributes its products in 15 countries.
The transaction, whose value has not been disclosed, is subject to regulatory approvals and expected to close in early July.
According to a report in the Spanish newspaper El Pais, the deal is worth over €100 million.
ICFC has an annual turnover of €125 million, 65% of which is generated from off-shore sales.
It has two production sites in Alzira in Spain and Mantua in Italy and 27 production lines.
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ICFC is one of the leading ice cream producers in Spain and was founded in 2003 by Guillermo Lamsfus Bravo.
Bravo will continue to manage the company in the capacity of general manager, while the Lamsfus family will retain a stake in ICFC, reports Italian daily, La Stampa.
Commenting on the deal, Ferrero said it "is constantly looking for new investment opportunities in different product categories, with a view to the group's commitment to meeting consumer demands."
In 2018, Ferrero entered into a partnership with Unilever for the production of Kinder-branded ice creams that were recently launched in the Italian market.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine.