Angel Camacho, a Spanish producer of table olives and olive oils, has acquired 15% of Greek peer Mani Foods for an undisclosed sum.
Mani Foods, a family-run business based in the town of Kalamata and founded in 1991, will now become Mani Camacho Foods. The company has a turnover of EUR12m (US$13.2m) and exports to more than 30 countries.
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The deal bolsters Angel Camacho’s presence in the global olives and olive-oil market, but it also manufactures pickles, jams and jam infusions. Its brands include Fragata, Mario, La Vieja Fábrica, Stovit jams and infusions under the Susaron line. The company, headquartered in Morón de la Frontera, Seville, expects to generate sales of around EUR210m this year.
General manager Angel Camacho Perea said the stake in Mani Foods will strengthen its position as a “leader in table olives”.
The company added in a statement: “We have been buying Greek olives to satisfy the needs of some of our global clients for many years and with this move we will become a global supplier of olives, being able to provide complete solutions without needing to resort to an external supplier. With this move our company will become the only supplier of olives in the world with our own packaging facilities in the main olive-producing countries.”
Earlier in the year, Angel Camacho acquired an undisclosed stake in Moroccan company Cartier Saada, which produces canned olives and apricots, and condiments.
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By GlobalData
