October 14th, 2015 – The Granarolo Group looks to New Zealand: the largest Italian operator in the agro-industry has finalized an acquisition that will bring its Granarolo International subsidiary to hold a 25% stake in the social capital of European Foods, a leading importer and distributor of Italian food products in New Zealand that today has a turnover of over € 6 million. The deal also includes an option to purchase an additional share of 26%, to be exercised within 12 to 18 months, which could allow Granarolo International to hold a 51% stake in European Foods. Through this operation, Granarolo enters the New Zealand market to distribute its parmesan cheese (both Reggiano and Grana Padano) and pecorino. The Italian cheese market in New Zealand is worth over €5 million, and in Oceania it is worth about €33 million, of which more than 50% consists of Reggiano and Grana Padano. “New Zealand is a very interesting country, a market of strong growth in which consumers have a high purchasing power and prefer products of Made in Italy quality – explained Gianpiero Calzolari, President Granarolo – The transaction will also enable to expand our business in Australia as well as to the countries of South East Asia with which New Zealand has free trade agreements.” The operation is part of the 2012-2016 Strategic Plan which, through a process of internationalization, aims to reach 40% of revenues in foreign markets. Expectations from the European Foods buy-in include the doubling of revenues by 2018. (Red)
