Ebro Foods (www.ebrofoods.es) has reached an agreement to purchase the businesses of Olivieri Foods, (www.olivieri.ca) Foods pasta and sauces business of Canada Bread Company, Ltd., a subsidiary of Maple Leaf Foods Inc.
Olivieri is the leading brand of fresh pasta and fresh sauces in Canada. With 375 employees, it has posted a gross turnover of CAD$105.5 million in the past year.
The transaction, valued at CAD$120 million, is expected to be completed by the end of 2013, subject to review by the Canadian Competition Bureau.
A major strategic initiative
The acquisition of Olivieri is an important strategic operation for Ebro, which will enter the Canadian fresh pasta and sauces segment through its leading brand, thus consolidating our position as No. 1 in all the categories in which we operate. Ebro already has a strong presence in Canada through Catelli Foods, with the Catelli brand for dry pasta and Minute in rice products.
The consolidation of Olivieri will also produce numerous additional synergies with our European fresh pasta business headed by Lustucru Frais, in commercial, industrial and marketing aspects.