Italian dairy group Granarolo has bought U.S. cheese producer Calabro Cheese as part of its plan to expand its presence abroad, the company said in a statement on Monday.
The group did not disclose the price of the acquisition but said Calabro Cheese, specialized in soft cheeses like ricotta, mozzarella and burrata, reported sales of $25 million in 2020.
Granarolo plans to use Calabro Cheese’s distribution network also to export its products with protected designation of origin (PDO) from Italy.
The United States could be an interesting market for Granarolo’s hard cheese PDO specialties, including parmigiano reggiano and grana padano.
“The United States has been a target country for quite some time, but the pandemic slowed the scouting operations and the finalization of an acquisition that was essential to managing such vast territories,” Granarolo said in a statement.
The company, which in the last few years increased its milk production and is now looking for new markets outside Italy, added it targeted further M&A abroad in its 2021-2025 business plan and would focus on its U.S. footprint in 2022.
Foreign markets accounted for 33% of Granarolo’s total sales in 2020.
Source: Reuters.com