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Cloetta Confectionary Agree Deal To Buy Nutisal

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Cloetta Confectionary Agree Deal To Buy Nutisal

The Finnish-Swedish confectionary company, Cloetta, yesterday agreed a deal which will see them purchase dry roasted nut maker Alrifai Nutisal for an initial cash fee of €12.3 million.

The acquisition comes as part of Cloetta's strategy to broaden its snacks line-up within the 'Munchy Moments' portfolio, the company said in a statement. 

Cloetta have also agreed to pay up to a maximum of €33 million extra to Alrifai Nutisal owner, Arval Holding, by way of a potential earn-out based on targets, dependent upon Nutisal's performance in 2016.

Cloetta say they will invest €1.1 million in 2014 to restructure the company. The acquisition is expected to generate an additional growth in sales of approximately 1% on a Group level in the next few years.

“I am very happy to announce a significant step in to a new category in our home markets with the acquisition of Nutisal. Cloetta will now be able to offer consumers a new Munchy Moment with an established brand in the growing nuts segment. Cloetta’s strong route to market combined with the market growth in the category should facilitate significant growth going forward”, said Bengt Baron, CEO of Cloetta.

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I am confident that we have placed the business and the brand in safe hands. This is a fantastic opportunity, and I am convinced that Cloetta will ensure the continued growth of Nutisal in Sweden and beyond”, says Mohamed Rifai, CEO of Alrifai International Holding Ltd.

Nutisal was established in Sweden in 2007 and has yearly sales of about €22.2 million, with about 60 employees. Today, Sweden accounts for about half of the sales, but Nutisal is also sold in Denmark, Norway, Germany, UK and the Benelux countries.

© 2013 - European Supermarket Magazine by Enda Dowling

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