Latin American food maker Groupo Nutresa has extended its presence in the region through the acquisition of snack-to-soup group Tresmontes Lucchetti.
Nutresa paid US$758m for the maker of Lucchetti and Talliani branded pastas, representing a multiple of 12.6x 2012 EBITDA of $60m.
In 2012, Tresmontes Lucchetti generated sales of US$440m. The group’s largest market is Chile, where sales totalled $271m, followed by Mexico with sales of $89m and Central America with sales of $15m.
In a statement, Nutresa said it expects to generate “significant synergies in Mexico”, where the deal will extend its existing distribution network. The acquisition marks Nutresa’s entry into Chile, a market that the company described as “economically and institutionally solid, profitable and stable… with high per – capita consumptions in food”.
“The acquisition of Tresmontes Lucchetti is of great importance for Grupo Nutresa. It gives us key elements, such as entry into the Chilean market, participation in new categories, with the leadership in cold instant beverages. In turn, we will enhance our international activities with particular strength in Mexico,” Carlos Enrique Piedrahíta Arocha, Grupo Nutresa CEO, commented.