Spanish dairy company Grupo TGT has purchased a 20% stake in Lácteas Cobreros, a local goat’s milk products supplier.
The two family-run companies have a history of working together, which began with the signing of a five-year rolling partnership in 2005 that saw Grupo TGT distribute Lácteas Cobreros’ products.
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Grupo TGT is Spain’s leading cheese producer by volume and its 2019 turnover was over EUR383m (US$451.6m).
It is understood the purchase of a stake in Lácteas Cobreros effectively formalises that relationship further and includes the right first refusal rights in any future transactions.
Lácteas Cobreros began life as a liquid milk producer. “We started as a small goat and sheep milk business but, the last 15 years, since we signed the agreement with TGT, have seen us expand our range of cheeses, milk powders and baby formula,” Lácteas Cobreros commercial director José Cobreros told just-food.
Cobreros said the investment would support continued expansion, particularly in milk powders and baby formula.
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By GlobalData“Our aim is to increase our 2020 turnover to EUR50m, and by another EUR8-10m in 2021, following the TGT purchase,” Cobreros said. He would not disclose historic turnover data.
“This year we will have a total of eight new cheeses, and also new packaging and branding. And we will be expanding in the baby milk formula sector with more goat-based milk formulas,” he added.
Last year, goat and sheep milk powder products were responsible for almost 40% of Lácteas Cobreros’ turnover.
just-food has approached Grupo TGT for comment.
