Lantmännen has struck a deal to acquire Italian frozen bread manufacturer Panificio San Francesco.
The Swedish co-op is to snap up the business for an undisclosed sum through its Copenhagen-based baking subsidiary Lantmännen Unibake.
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Panificio San Francesco is owned by private-equity firm ITAGO through its investment fund NEIP III SICAF, which holds a majority stake in the business. Private shareholders own the remaining minority shareholdings.
In a statement, Lantmännen said the move showed its “commitment to reinforcing its position in an attractive market”.
It added the acquisition offers “commercial and innovation opportunities that will be considered following the completion of the transaction”.
Set up in 2006, Panificio San Francesco makes pre-baked and frozen bread products for retail in the Italian market.
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By GlobalDataIt also manages an industrial plant in the Codevilla municipality, south of Milan. According to its website, the business employs 80 people and has 26,000 tons of annual capacity across two production lines.
“We continue to strengthen and expand Lantmännen’s existing businesses through strategic acquisitions in attractive markets,” Magnus Kagevik, the group president and CEO of Lantmännen, said.
“The agreement in Italy reflects our ambition to build a strong platform for long-term growth and supports our goal of further strengthening our position in the European bakery market.”
The transaction is expected to be completed “at a later date” and is subject to closing conditions and regulatory approvals, Lantmännen said.
In a separate statement, Domenico Tonussi, managing partner at ITAGO, said the deal “represents the natural progression of a solid and coherent industrial growth path and is aimed at supporting a new phase of development”.
In September, Lantmännen acquired Boboli Benelux, a Dutch manufacturer of savoury baked products.
At the time, Lantmännen Unibake said the deal would “serve as a cornerstone” in its expansion in the savoury sector.
Earlier in May, Lantmännen also announced a cash injection of around Skr700m (then $73m) in a new production facility in Örebro, Sweden, to support its bread business.
Lantmännen Unibake’s products are sold in over 60 markets globally, with its brands including Schulstad, Pastridor and Hatting. The group employs around 6,000 people.
