French agri-food co-operative Océalia has invested in Soficor, the parent of aperitif snacks specialist Menguy’s, subject to approval by the competition authority.
Talks over the deal started in the summer, when Menguy’s said it was looking to sell a stake to Océalia. However, a spokesperson for Océalia would not disclose the terms of the deal when contacted by just-food.
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Nevertheless, it said in a statement Menguy’s will join Océalia’s new food division, “strengthening our diversification and allowing new production synergies to take place”, adding: “This illustrates our commitment to seeking growth opportunities further down the value chain in order to better support the co-operative’s traditional activities and contribute to the development of our business model in the best conditions.”
Menguy’s portfolio includes peanuts, cashews and almonds, popcorn and prepared olives. Founded in 1987, its main production site is located in Mazamet, in south-west France.
According to French media, Soficor posted a turnover of EUR149m (US$165.1m) last year and is targeting 5-7% growth in 2019. Cognac-based Océalia had sales of EUR556m.
Meanwhile, Océalia plans to merge with another French agri-food co-op Natéa in a deal currently under review by the country’s competition authority.
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