February 19, 2018 / 11:25 AM / 7 months 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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below