January 11, 2013

 

Granarolo acquires France's Compagnie du Forum SAS

 

Granarolo, the most important agro-industrial Country Italian capital, announces the acquisition of the French cheese CIPF Codipal, headed by the holding company Compagnie du Forum SAS, consolidated French operator active in the production and distribution of fresh cheeses and seasoned with the brands Blue House, Les Fromagers de Ste Colombe and Les Fromagers de St Omer.

 

With an estimated turnover in 2012 of approximately EUR105 million (US$139 million), more than made up for the half from products sold in the segment of Italian cheeses, the Group CIPF Codipal is one of the few players in the French market to cover the entire range which allowed the market success of the brand House Blue for Italian products. Last year alone, the brand Blue House has seen a growth its market share by more than four percentage points.

 

Even by virtue of a significant presence in the segment of Private Label, today the Group CIPF Codipal has a market share of over 20%, with constant growth rates, in the segment of Italian cheeses.

 

The operation, carried out with the support of the shareholder Intesa Sanpaolo, with Granarolo which shared the plan of development took place through the signing of an agreement providing for the acquisition of 100% of the share capital the holding company Compagnie du Forum SAS. The acquisition will aimed in two stages, by February 2013 as regards the proportion of majority and by April 2014 for the remainder.

 

It is expected that the assets that are owned by CIPF Codipal can generate a turnover of more than EUR100 million (US$133 million) a year, bringing sales for the segment cheese Granarolo to exceed EUR400 million (US$530 million), representing 40% of total Group revenues. The segment accounted for 18% in 2011.

 

The deal is part of the strategic plan 2012-2016 which provides a significant process of internationalisation of the Group Granarolo already started in 2011 through the creation of Granarolo Iberica, a company operating on the Spanish market and the acquisition of Lat Bri - with a significant proportion of exports.

 

This path is continued in 2012 with the partnership signed with the company Ferruccio Podda aimed at developing export of hard cheeses (Pecorino). Granarolo will also benefit from two industrial structures technologically forefront outside border, able to guarantee very high production standards. The business plan Granarolo, presented in May 2012 to the Community Financial, expected to double turnover by 2016.

 

The group Granarolo thus represents the most important sector of the Italian milk directly owned by a cooperative association of producers. It brings together about 1,000 farmers milk producers, an gathering of raw materials to the barn with 70/2, 1200 distribution vehicles, which handle 750,000 tonnes/year and serve every day more than 60,000 points of sale where 11 million Italian households buy Granarolo products.