Carozzi, the Chile-based food, non-alcoholic drinks and pet care multinational, has announced the acquisition of 100% of the shares in Alimentos Pancho Villa, a company in the flour and corn tortilla segments that manufactures wraps, burritos, corn chips, sauces and seasonings.
The transaction is said to have closed at 7,643,000 CLP ($11.1 million), corresponding to a total of 19,999 shares.
According to a company announcement, the purchase “will enable Carozzi SA companies to expand their portfolio to enter the tortillas and snack markets and thus boost the development of new products in these categories”.
Sebastián García, the company’s general manager, added: “Pancho Villa will remain as an independent unit, due to the nature of their current product range and differences in their business model”.
According to the latest audited financial results, Alimentos Pancho Villa posted revenue of 6,251 million CLP ($ 9.01 million) in 2014 with earnings of 415 million CLP ($600,000).
Source: America Retail