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April 29, 2008

ITALY/HONG KONG: Acquisitive Bakkavör strikes again

Bakkavör, the acquisitive Iceland-based food maker, has snapped up two more food firms.

Bakkavör, the acquisitive Iceland-based food maker, has snapped up two more food firms.

The company, which has bought businesses in the US, Hong Kong and mainland China already this year, has acquired Italpizza, an Italian pizza maker.

Bakkavör has also made another foray into Hong Kong with the acquisition of a minority stake in local bakery firm La Rose Noire.

The Italpizza deal, secured for an undisclosed sum, sees Bakkavör take over a business serving markets in Europe and North America and generating EUR40m in annual sales.

CEO Ágúst Gudmundsson said pizza was a “key focus area” for Bakkavör. “This is our first major step into the frozen food market, which demonstrates our strategy of taking different approaches in different markets,” he said.

La Rose Noire’s key markets are Hong Kong and mainland China but the business exports to markets including New Zealand, India and Dubai.

Bakkavör has secured a 45% stake in the business with options to buy a further 45% share in 2010 and a 90% slice of its China operations in 2011.

Gudmundsson said: “This investment further strengthens our presence in the region, broadens our product portfolio and will also be an excellent platform for further growth and expansion into other Asian countries in the near future.”

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