Ardian Acquires Food Ingredients Supplier Frulact
France-based private equity firm Ardian has acquired Frulact, a natural food ingredients supplier.
Based in Maia near Porto, Frulact’s product portfolio comprises prepared fruit and vegetable products for use in dairy, ice-cream, desserts, beverages, flavours and plant-based foods.
The company has a global presence across three continents, with nine business units in five countries, including Portugal, Morocco, France, South Africa and Canada.
Frulact sells its products in more than 40 countries, generating nearly €115 million of turnover in 2018 (a 3% year-on-year) ,while the company's estimated turnover for 2019 is €125 million.
Europe accounts for 58% of turnover, with France being its biggest market.
According to Portuguese daily Jornal Economico, Ardian paid around €200 billion for Frulact.
Ardian said that it will support Frulact’s management to accelerate its strategic plan and consolidate the group, supporting existing business activities and enhancing its capabilities in adjacent niches and ingredients, promoting growth opportunities globally.
The current management team will continue being led by Duarte Faria as chief executive, while João Miranda will continue as non-executive chairman of the business.
© 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