February 19, 2018 / 11:25 AM / a year ago

Italian dairy firm Granarolo buys British distributor Midland Food

MILAN (Reuters) - Italy’s Granarolo acquired British food distributor and e-commerce operator Midland Food Group in a move that will make the country its third-biggest market, the dairy group said.

** The acquisition will add sales worth 70 million euros (61.94 million pounds) to the turnover of Granarolo in Britain, boosting the revenue of its British unit to within reach of a 100-million euro target.

** The deal will also help the Italian company extend its e-commerce activity, Granarolo CEO Gianpiero Calzolari said in a statement on Monday.

** Last year the group, which is well-know in Italy for milk and cheese products, recorded sales worth 1.3 billion euros.

** Italy’s biggest commercial bank Intesa Sanpaolo (ISP.MI) owns a 20 percent stake in unlisted Granarolo.

Reporting by Francesca Landini, editing by Louise Heavens

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