Bakkavor Group has sold the remaining 60% stake it held in Italian pizza business Italpizza to Dreamfood.

Agust Gudmundsson, Bakkavor CEO, said the deal would enable the group to focus on its priority markets in the UK, US and Asia. "The completion of this sale marks another important step for Bakkavor as we continue to focus on our core growth markets in the UK, US and Asia," he commented.

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"This transaction also represents a great development opportunity for the Italpizza business as the company moves forward under the new ownership of Dreamfood," Gudmundsson added.

Dreamfood is an investment company controlled by Cristian Pederzini, the managing director of Italpizza. The transaction follows the sale of Bakkavor’s 40% stake in Italpizza to Dreamfood in May last year.

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