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January 11, 2021

Italy frozen-food group Gias sells majority stake to PE firms IDeA Agro, Cleon Capital

Gias, the Italy-based frozen-food manufacturer, has sold a majority stake in its business to expand at home and overseas.

By Dean Best

Gias, the Italy-based frozen-food manufacturer, has sold a majority stake in its business to expand at home and overseas.

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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
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Two private-equity firms, Italy’s IDeA Agro and Spain’s Cleon Capital, have acquired the shareholding, with Gias retaining 49%. Financial terms were not disclosed.

Gias, based in Mongrassano in southern Italy, is a ready-meals manufacturer. It generates annual turnover of around EUR50m (US$60.8m). In a statement announcing the deal, it was stated Gias had “recorded a growth rate in the last five years of approximately 10% per annum”.

Gloria Tenuta, who will remain Gias' chairman and CEO, said: "Thanks to the support of IDeA Agro and Cleon Capital, we hope to give further impetus to the growth of GIAS on the national market and, above all, on foreign markets." Around 30% of Gias' turnover is made outside Italy.

The new investors said they wanted to help Gias complete a production project at its site in Mongrassano, as well as increase the company's "commercial presence abroad".

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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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