French cheese maker Fromageries Bel has signalled its belief in the potential of markets in Eastern Europe with the acquisition of Czech peer Jaromericka.
The Czech cheese maker consists of two companies – J+R and Jaromericka Mlekarna.
Bel will acquire 100% of the first and 71.5% of the second from private Czech investor Zdenek Palat and his family.
A spokesperson for Bel told just-food that the deal demonstrated the group’s ambitions for the region.
“This acquisition in the Czech Republic exemplifies the determination to hasten Bel’s internal and external growth. This growth is predicated on developing strong and differentiated brand platforms and a selective acquisitions strategy in-line with the company’s business model,” Bel president Gérard Boivin said.
The deal will see Bel acquire two manufacturing facilities, which are situated close to the unit it already owns in the southern part of the Czech Republic.
However, the company was unable to comment on the financial details of the transaction.
The acquisition is still subject to approval by the relevant Czech competition authorities.