Sigma Alimentos takes over Caroli Foods Group
The current transaction does not imply major management changes, Khaled El Solh remaining CEO of Caroli Foods Group, alongside his management team, according to the company's statement released on Friday.
"With the help of the Sigma Group's know-how on product categories and expansion into other geographic areas, we have identified opportunities to make Caroli business grow in new categories and markets," said Talal El Solh, one of the main shareholders of Caroli Foods and the Supervisory Board Chairman.
"This acquisition allows us to pursue our development strategy in the most attractive region of Eastern Europe," said Mario Páez, general manager of Sigma.
Caroli Foods Group and Campofrio merged in 2010, Campofrio holding a 49% stake in Caroli. In 2014, with the expansion of Sigma in Europe and the acquisition of Campofrio, Sigma also became a minority shareholder in the Romanian company.
Campofrio Food Group (now fully owned by Sigma) owns 25 factories across the continent, with nearly 7,000 employees, and its European revenue share is over 1.9 billion euros.
In June, the Mexican company also announced that it acquired the Peruvian packaged meat company SUPEMSA in order to consolidate its position in Peru in the production and commercialization of packaged meats and dairy products.
Sigma is a multinational company active in the refrigerated food industry, specializing in the production, marketing and distribution of food, including prepared and preserved meat, cheese, yogurt and other chilled and frozen foods. Sigma has 69 factories and operates in 18 countries in Mexico, Europe, the United States and Latin America. The company has over 44,000 employees and a revenue of 5.7 billion dollars.
Caroli was established in Bucharest in 1994 and has several brands such as Caroli, Campofrio, Sissi, Maestro and Primo. The Caroli Group has more than 1,200 employees, a factory in Pitesti, a net distribution and a sales network of over 100 million euros in 2016 and a net income of 88 million euros.
Caroli Foods reached a 17% market share, according to the Nielsen report of January-July 2017.
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