Ebro Foods, S.A. (Ebro) reports that it has signed a binding agreement to acquire 52% of the Italian company Pastificio Lucio Garofalo, S.p.A (Lucio Garofalo) for €62.5 million. The transaction is expected to be completed by the end of June.
Lucio Garofalo was founded more than 100 years ago and owns the Garofalo, Santa Lucia and Russo de Cicciano brands, with a significant presence in the premium dried pasta segment in Italy and other countries, Ebro said in a statement. Lucio Garofalo has been among the strongest performing Italian pasta companies over the last 10 years with gross sales figures increasing from €30 million in 2002 to €134 million in 2013.
Ebro is Spain’s largest food group, as well as number one in the world in the rice sector and number two in the world for pasta products.
Source: Ebro Foods / Gondola Digital