Ebro Foods has wrapped up the sale of a clutch of its Panzani assets to private-equity firm CVC Capital Partners.
In July, the Spain-based manufacturer announced it was in exclusive talks with CVC over a deal worth EUR550m (US$624.8m).
On New Year’s Eve, Ebro told Spain’s stock-market regulator, the CNMV, the two sides had completed the transaction.
Pimente Investissement, a French vehicle majority-owned by funds managed and/or advised by CVC, has acquired Panzani’s dry pasta, semolina, couscous and sauces business. Ebro said in July the assets generated a turnover of EUR470m in 2020 and employed 750 staff. The deal includes the Panzani, Ferrero, Regia, Zakia and Le Renard brands.
The fresh pasta and rice businesses under the Lustucru Selection and Taureau Ailé brands have remained with Ebro.
In recent years, Ebro has sold off a number of dried pasta assets to focus resources around its fresh pasta and convenience-foods businesses. In December 2020, a deal was completed with TreeHouse Foods in the US for the Spanish firm’s Riviana Foods pasta business, including the Prince, Creamette and Skinner brands.
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It also agreed in 2020 to sell its Catelli dried pasta business in Canada to Italian counterpart Barilla. Then in February last year, Ebro said it was “evaluating the option” of selling its Ronzoni dried pasta operations. That deal materialised in June, with 8th Avenue Foods & Provisions, a division of US-based Post Holdings.
2021 saw CVC buy and offload assets in the food sector. In November, the private-equity firm struck a deal to sell Malaysian snacks business Munchy Food Industries to Philippines-based food group Universal Robina Corp. Seven months earlier, CVC said it would buy a majority stake in the holding company behind Greece-focused dairy business Dodoni.