Mexican frozen food manufacturer Sigma Alimentos has made a bid to acquire the business of Campofrio Food group, a Spanish producer of meat products and prepared foods.
According to Sigma, the deal is in the order of $940 million. It will require the purchase of the remaining 55% of Campofrio shares – Sigma having already secured agreements to acquire a stake of around 45% through the acquisition of shares held by the Ballve family, Caixabank and capital management firm Oaktree, the company said. The price offered for each of the remaining shares will be $9.1.
“The acquisiton of Campofrio is an opportunity to enter the European market in a leadership position, with solid brands and an executive team with great experience”, commented Mario Paez, Managing Director of Sigma. “We will work together to achieve even greater levels of customer satisfaction, staff development and improved profitability.”
Pedro Ballve, president of the Campofrio board, said: “I am enthusiastic about the strategic alliance between these two great organizations and very confident that we will be able to strengthen Campofrio’s strategic position over the long term.”
Source: Sigma Alimentos