Italy-based Gourmet Italian Food (GIF) has acquired local ready-meals business Cucina Nostrana, it has announced.
It is the second deal in three months for GIF, which was formed by two private-equity firms in June. In July, it acquired local snacks and bakery business Fabian.
By buying Cucina Nostrana, GIF also takes control of its bread- and sandwich-making subsidiary Deppieri.
Cucina Nostrana, established in the early 1980s, produces ready-meals, sauces, appetisers, meat and fish dishes and sandwiches under its own name and for third parties.
It has two factories of approximately 9,000 sq m and 4,000 sq m near Venice.
GIF has bought the business from the Casagrande family. Alberto and Alessandro Casagrande will maintain their roles within the company as co-managing directors and will become part of the strategic committee of the GIF group.
It said the addition of Cucina Nostrana will give it a consolidated turnover of EUR65m (US$75.7m).
GIF was formed through a venture between Italian private-equity firms Alcedo and FVS, bringing together Eurochef Italia and foodservice supplier La Gastronomica. Alcedo is the majority shareholder with 60%.
Speaking about its latest deal, Filippo Nalon, partner of Alcedo, said: “The acquisition of Cucina Nostrana follows those of La Gastronomica and Fabian just a few months ago and is part of the project led by Alcedo to create a leading group in quality fresh gastronomy, which now boasts a diversified ready-meal portfolio ranging from fresh to very fresh to snacks by turning to various distribution channels, from large-scale distribution, to horeca and vending.”
In a joint statement, Alberto and Alessandro Casagrande said: “We are proud of becoming part of this group, within which we have glimpsed the same values they have distinguished Cucina Nostrana in recent years, such as excellence in products, high standards of customer service and technological innovation.”
Financial details were not disclosed.