Italian fresh fruit producer Gruppo Unifrutti has acquired a 92% stake in Oranfrizer, a Sicily-based producer of blood oranges.
The agreement comes into effect immediately and will see Nello Alba continue as the CEO of Oranfrizer to ensuring the smooth functioning of the family-run business, Oranfrizer said in a statement.
The acquisition will enable Gruppo Unifrutti to expand its product portfolio and activities in the citrus fruit segment and establish it as one of the leading suppliers in Italy.
Oranfrizer will be able to give Sicilian citrus producers access to Gruppo Unifrutti’s worldwide network, thereby increasing their distribution network.
Gruppo Unifrutti owns 93 farms and sells some 550,000 tonnes of fresh fruit to over 500 customers in more than 50 countries. It reported a turnover of US$675 million in 2019.
Oranfirzer has a strong presence in the large-scale retail trade in Italy, as well as a growing international network.
Although the company has diversified its offer to include fruit and vegetables, its core business remains fresh and squeezed citrus fruits, especially blood oranges that are grown around Catania.
Oranfrizer ended 2019 with a turnover of €47 million and expects to surpass €50 million at the end of 2020, excluding the €5 million generated by the spin-off of Oranfrizer Juice.
Recently, Carlyle Group's Global Credit platform invested an additional €35 million in Unifrutti's capital to support the company's growth and acquisition strategy.
In addition to the €140 million invested last year, this amount brings Carlyle's total investment in the company to €175 million.
© 2020 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.