Panapesca, an Italian seafood processor, has announced the acquisition of 65% stake of Italian ready-to-eat company Il Faro Quality Fish, for an undisclosed sum.
According to sources, this deal is part of Panapesca’s industrial development plan, to enter on the ready-to-eat market segment and consolidate its presence in the northeast of Italy.
Fabrizio Paesini, CEO of Panapesca, commented: “We had been focused for some time on the acquisition of a company operating in the market for high-end ready-to-cook fish products. From a go-to-market point of view, Il Faro Quality Fish products can be immediately integrated”.
“The objective for us is to leverage an extensive sales network operating throughout the country and to double the current turnover of Il Faro Quality Fish within two years with the consequent increase in the employment of local staff”, he added.
Sources: Undercurrent News