Italian Frozen Food Holding, a new business set up by Mandarin Capital Partners, has acquired local peer Alcass for an undisclosed sum.
Located in the Italian city of Genoa, Italian Frozen Food Holding (IFFH) was established in October last year by private-equity investor Mandarin Capital Partners, which is headquartered in Luxembourg and has offices in Italy, Germany and Shanghai in China.
IFFH came to fruition through the amalgamation of two other Italy-based frozen food firms – ready-meals manufacturer Appetais, and free-from producer AR Srl, a joint venture with Roncadin in Meduno.
The new company is expected to generate annual sales of around EUR40m (US$44.5m), a fifth of which is anticipated to come from overseas, according to a statement. IFFH has two production facilities in Italy and employs more than 200 people.
Meanwhile, Alcass, based in Brescia, northern Italy, and controlled by the Bonaglia family, has a turnover of EUR14m. The company supplies branded products to retailers mainly in ready meals and gluten-free products, including meat alternatives, and also offers private label.
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The portfolio comprises meat-based frozen foods such as meatballs, beef burgers and lasagne, along with their meat-free cousins, predominately supplied under the Amica Natura brand.
Alcass has just opened a manufacturing facility located in Chicago to supply the US frozen-food market with Italian-inspired products and is run by a team of Italians.
