Italy: Granarolo invests in ‘free from’ space
Italian food manufacturer Granarolo has expanded in the 'free from' space with the acquisition of bakery firm Pandea Dietetica and a 30% stake in cheese snack firm San Lucio.
Operating in Parma since 1946, Pandea Dietitica registered turnover of €12.9 million ($13.7 million) in 2015, of which 66% was derived from conventional baked goods including crackers and breadsticks, and the remainder from specialty gluten-free products.
San Lucio, meanwhile, owns the Groksi brand of lactose and gluten free cheese snacks, described as being manufactured using a patented drying method that creates a crunchy texture. The firm is expected to generate around €4 million ($4.3 million) in turnover in 2016, 40% of which being export sales.
Commenting on the Pandea Dietetica deal, Granarolo president Gianpiero Calzolari said: "This transaction is part of our strategy of diversifying our portfolio to cater to the needs of both domestic and overseas consumers who are increasingly turning to functional foods for their wellness benefits. According to all available data, the 'free from' sector is set to grow significantly over the coming years and we are looking to respond to this rapidly changing market through a focus on high quality, Italian products".