Italy's Ferrero Group has announced that it has entered into a definitive agreement to acquire the remaining shares of Spain's Ice Cream Factory Comaker (ICFC) and relevant group companies.
The transaction, subject to customary closing conditions, is expected to close by the end of the year.
In 2019, the Italian confectionery giant acquired a controlling stake in ICFC to support its long-term strategic goals in the ice cream market.
Future Growth Prospects
In the past two years, Ferrero and ICFC collaborated to support the existing business and set the base for future growth.
Ferrero will continue working closely with the ICFC management team in developing the business, and said that it is looking forward to the 'exciting opportunities ahead'.
Ice Cream Factory Comaker specialises in private-label ice creams and distributes its products in several countries.
According to Nielsen, the industrial ice cream sector in Italy generates over €840 million, with some 2.2 billion units sold in the large-scale retail trade on an annual basis. At a global level, it is worth around €15 billion.
Read More: Ferrero Launches Ice Cream Sticks In France
Elsewhere, Italian food company Barilla, together with Unilever brand Algida signed a strategic partnership in September to sell ice cream and snacks in the country.
The company believes the collaboration will help the group be more competitive in selling both sweet and salted snacks in out-of-home channels, where it competes with large foreign groups and chocolate confectioner Ferrero.