February 19, 2018 / 11:24 AM / 3 months ago

Italian dairy firm Granarolo buys British distributor Midland Food

MILAN, Feb 19 (Reuters) - Italy’s Granarolo acquired British food distributor and e-commerce operator Midland Food Group in a move that will make the country its third-biggest market, the dairy group said.

* The acquisition will add sales worth 70 million euros ($87 million) to the turnover of Granarolo in Britain, boosting the revenue of its British unit to within reach of a 100-million euro target.

* The deal will also help the Italian company extend its e-commerce activity, Granarolo CEO Gianpiero Calzolari said in a statement on Monday.

* Last year the group, which is well-know in Italy for milk and cheese products, recorded sales worth 1.3 billion euros.

* Italy’s biggest commercial bank Intesa Sanpaolo owns a 20 percent stake in unlisted Granarolo. ($1 = 0.8056 euros) (Reporting by Francesca Landini, editing by Louise Heavens)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below