Spanish food company Ebro Foods has announced the sale of part of its Panzani unit to French private equity firm CVC Capital Partners for EUR550 million (US$648.4).
Ebro Foods has a leading position in the global pasta and rice markets, with brands such as Panzani, Olivieri, Bertagni, Garofalo, Santa Lucia, Russo de Cicciano, and Roland Monterrat, among others.
The agreement includes the dried pasta, couscous, sauces, and semolina divisions of Panzani and all operating assets related to these brands. The fresh pasta and rice division will remain with Ebro.
The deal follows Elbro’s last dry pasta units sales in America and follows the company’s strategy to focus on premium, fresh products, and convenience businesses
Ebro said the transaction will not have any social aftereffects on the 750 french Panzani staff and is expected to close before 31 December 2021.
Source: Ebro Foods