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October 8, 2014

Bright Food takes majority control of Filippo Berio olive oil maker Salov

Bright Food Group has acquired a "majority" stake in Italian olive oil manufacturer Salov Group from the founding Fontana family.

Bright Food Group has acquired a “majority” stake in Italian olive oil manufacturer Salov Group from the founding Fontana family.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
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Salov manufactures the Sagra and Filippo Berio brands. Head-quartered in Tuscany, the olive oil maker exports to more than 60 countries worldwide and generates annual revenues of approximately EUR330m (US$417.7m).

In a statement, Bright said it plans to grow the business by “leveraging the growth opportunities in the Chinese market”. 

According to data from the China Chamber of Commerce of Foodstuffs and Native Produce, the amount of olive oil China imports has jumped in recent years. Total olive oil imports rose to 43,400 metric tonnes in 2013, up from 14,700 metric tonnes four years earlier in 2009.

The Chinese company added: “Bright Food will assist Salov enhance its production and sales volume.”

Bright did not provide details on the size of the stake taken or the purchase price.

The acquisition is part of Bright’s “internationalisation” drive, the company suggested. State-owned Bright has snapped up a number of overseas businesses in recent years, including UK cereal maker Weetabix and Australia’s Manessen Foods.

In May, the company also agreed to purchase a 56% stake in Israeli dairy Tnuva Food Industries from UK private equity firm Apax Partners. According to a regulatory filing earlier in the week, Bright has extended the deadline for completion by three months until 5 January. Details of why completion – originally scheduled for 5 October – is being held up were not released.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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