Italian chocolate and hazelnut spread producer Nutkao has acquired Belgian company Boerrineke as part of its expansion strategy in Europe.
The acquisition is part of Nutkao's commercial and production growth strategy in Europe, with a specific focus on the Netherlands, Belgium, France and Germany – markets in which the Italian group is witnessing positive feedback.
According to Radicor, the brothers Daniel and Marcel Peeters have joined Nutkao Group and have been appointed to lead the company as co-CEOs.
Daniel serves as the sales director retail of Nutkao, while Marcel is director of development of the industry and food service sector in Europe.
Nutkao is a top international contract manufacturer of spreadable creams on behalf of third parties, from design to the shelf.
Over 50% of its turnover is generated in the international markets and Nutkao products are sold in about 80 countries. In addition, the company supplies exclusive and unique products to over 400 customers.
Boerrineke: Chocolate Spread Brand
Antwerp-based Boerrineke is Belgium's second largest chocolate spread brand, with a strong distribution network in the country and in Northern Europe.
With the acquisition of Boerrineke, Nutkao’s total turnover will reach almost €200 million and will be able to count on a widespread distribution network.
Since launching a strong expansion drive in 2015, the company opened the first plant in North Carolina for the production of creams for the American retail and industry and a production facility in Accra (Ghana) for processing prime Ghanaian cocoa beans.
These acquisitions have enabled Nutkao to control natural raw materials, enable a production process without additives, to retain the organoleptic qualities and ensure a hygienically perfect food product.