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May 3, 2019

Spain’s GBfoods looks to expand soups-to-sauces portfolio with deal for Continental Foods

Spain-based GBfoods is seeking to expand its portfolio of soups and sauces with an agreement to buy a European peer group.

By Dean Best

Spain-based GBfoods is seeking to expand its portfolio of soups and sauces with an agreement to acquire Continental Foods from its private-equity owner.

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  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
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GBfoods said it is final negotiations with CVC Capital Partners, which bought Belgium-based Continental Foods in 2013 and has been seeking to sell the business for almost two years. Newspapers in Belgium reported in 2017 GBfoods was one of three companies weighing up a move for Continental Foods.

Financial details were not disclosed in a statement announcing the agreement.

Soups-to-sauces maker Continental Foods was at one time part of Campbell Soup Co. before being taken over by CVC. The company generates a turnover of around EUR400m (US$446.5m) and owns brands such as Davos Lemmens, Liebig, Royco, D&L, Erasco and Blå Band. It mainly operates in five European markets – France, Germany, Sweden, Finland and Belgium.

Ignasi Ricou, the chief executive of GBfoods, said: “Continental Foods is a great group of very similar culture to GBfoods, complementary markets, local culinary brands, a long heritage and a great team.”

GBfoods also manufactures ready-made meals, pasta and rice, and milk powder under brand names such as Gallina Blanca, Star Jumbo, Gino and Grand’Italia. 

Steven Buyse, a partner at CVC Capital, added: “We are proud of the transformation that the management team at Continental Foods has realised under CVC Fund V’s ownership. Continental Foods is a fantastic company and would be a great addition to GBfoods, who share the same passion for local brands.”

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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