Italian dairy group Parmalat has acquired Brazilian gourmet cheese specialist Balkis Indústria e Comércio de Laticínios Ltda.

The acquisition, announced yesterday (31 July), was made through Parmalat’s Lactalis do Brasil subsidiary for BRL70m (US$30.7m). The price, however, may be adjusted based on accounting reviews at the date of closing, Parmalat said.

The deal includes a portfolio of activities in the gourmet cheese sector of São Paulo, including two production facilities in Santo Antônio do Aracanguá and Juruaia.

In 2012, Balkis reported net revenues of around BRL45m.