Italian meat processor Costa Foods Group has acquired 50% stake of Aviserrano Group, entering the poultry sector.
Based in Spain, Aviserrano Group is one of the national leading players of fresh and processed chicken and turkey meat with a turnover of €315 million and almost 1,800 employees. The Group is owned by several companies such as Avinatur, Jovi Serrano, Paviso Alimentacion, and Serrano Protein.
Alfonso Serrano, CEO of Aviserrano Group, said: “This agreement will enable greater cost efficiency and the achievement of a 500 million Euro turnover within five years. This will include a line of fresh turkey products which will be added soon. What this transaction does is bolster the financial structure of the group, providing greater guarantees for all our ongoing projects, and means even bigger projects can be taken on”.
Financial terms of the deal were not disclosed.
Sources: Costa Food PR