Spigadoro, Inc. announced that it had completed the acquisition of 100% of the shares of Pastificio Gazzola S.p.A., establishing Spigadoro as the leading manufacturer of private label pasta in Europe.

The purchase price consisted of $11.5 million in cash plus 583,334 shares of Spigadoro stock. The Company also agreed to make additional payments of up to $5 million in two years, subject to the achievement of certain performance milestones.

Founded in 1920 and based in northern Italy, Gazzola is the largest manufacturer of private label pasta in Europe with 1999 sales of approximately $46 million and EBITDA of approximately $4.5 million. On a pro forma basis, Spigadoro would have had 1999 sales and EBITDA of approximately $180 million and $12.6 million, respectively.

Jacob Agam, the Chairman and Chief Executive Officer. of Spigadoro, noted: “This investment in the private label pasta sector, which immediately establishes us as the European leader, provides an exciting complement to our branded products. We intend to continue to develop our leadership position in both the private label and branded sectors, which we believe distinguishes Spigadoro and will enable us to provide a broad and powerful range of products to our customers.”

Spigadoro previously announced an agreement to purchase 91 percent of the stock of Gazzola, but has since concluded an agreement to purchase the remaining 9 percent minority interests.

About Spigadoro

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By GlobalData

Spigadoro is a leading manufacturer of branded products in the Mediterranean food sector. Its pasta and other Mediterranean products are internationally recognized as high quality products and are marketed under the brand name “Spigadoro” (“Golden Ear of Wheat”) in Italy, Europe, the U.S. and the Far East. The Company’s animal feed products are manufactured at seven plants throughout Italy and are marketed under the “Petrini” name. The Company has previously announced an aggressive growth strategy that includes a consolidation of small and mid-cap companies within the food and animal feed industries in Europe (and in particular Italy, Germany, France and Spain).