Italy: Granarolo acquires majority stake in Quality Brands International
Leading Italian dairy company Granarolo has acquired a 50.01% stake in Quality Brands International (QBI) , a Greek distributor of European dairy products that closed 2016 with a turnover of €20.2 million ($22.2 million).
Granarolo said the acquisition would enable the group to consolidate its operations in Greece, a market into which it has been selling for over 10 years through QBI. Granarolo is currently said to be the leading brand of Italian dairy products in Greece.
"Although we operate in more than 62 countries worldwide, Europe is the Granarolo Group's preferred market", commented Gianpiero Calzolari, president of the Granarolo group. "Greece is particularly significant because it has one of the highest per capita consumption levels of cheese in Europe. In QBI, we have found a key distributor for our Group, known because we have worked together for long time, in the Panteliadis Family -current majority shareholder-, a partner focused on dairy products and with a deep knowledge in the Greek Market. We have set ourselves a common target: to achieve a €23 million turnover in 2017".