Sfoglia Torino has taken a further step in its strategy to consolidate Italy’s frozen puff pastry sector with the 100% acquisition of counterpart Idea Quick.
Growth capital was provided by Unigrains, a France-based, agribusiness-focused finance group, which has a 30% stake in Sfoglia Torino. The value of the transaction has not been disclosed.
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Idea Quick is active in private-label and has brands distributed the north-east Italy, Sfoglia Torino said.
In February, Sfoglia Torino purchased another firm in the sector, Righi.
“Having tripled in size through the successive acquisitions of Righi and Idea Quick, Sfoglia Torino is now the major Italian player in puff pastry snacks, Sfoglia Torino’s CEO, Enzo Perrino, said.
“We will seek to generate synergies further strengthen our teams, and accelerate growth. We look forward to working closely with Unigrains given their deep understanding of our activity.”
Sfoglia Torino’s product range includes mini pizzas, vol-au vents and savoury and sweet pastries.
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By GlobalData“Around 10% of the new combined entity’s annual sales of EUR30m are generated outside of Italy,” a spokesperson told just-food. “International development had been a recent focus for both Idea Quick and Righi, which is expected to be strengthened in the future, notably for Idea Quick’s new pizzette products and Righi’s prepared dishes.”
