German food giant Dr. Oetker has acquired a majority stake in Tunisian food manufacturer GIAS Ingredients.
Dr. Oetker, which makes products from baking ingredients to pizza, said it signed the agreement for a 51% share in the olive oil and margarine producer today (25 May). Financial terms of the deal were not disclosed.
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GIAS Ingredients, whose brands include Vanoise, last year posted a turnover of around EUR5m (US$6.3m).
Dr. Oetker, which already has operations on the African continent with its frozen pizzas, said it will use this acquisition to expand its presence there.
“North Africa has, in addition to a young and growing population, a high affinity for desserts and baking products. The range of pudding and cake mixes from GIAS fits perfectly with Dr. Oetker,” a spokesperson for the company said.
In addition to its own sales offices in Morocco and Algeria, GIAS Ingredients has a network of distribution partners in Africa.
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