Monari Federzoni takes over Giacobazzi Farms from Granarolo
Base of balsamic vinegar with a turnover of 32 million is born
Monari Federzoni, historic Modena company, producer of Balsamic Vinegar of Modena PGI, condiments and drinks, has signed an agreement with Granarolo for the acquisition of Fattorie Giacobazzi di Nonantola, another well-known Modena company specialized in the production of balsamic vinegar, condiments and vinegars di vino, founded in 1988 by the Giacobazzi family and controlled by Granarolo since 2016. The financial terms of the transaction were not disclosed.
In 2019 Fattorie Giacobazzi recorded a turnover of 14 million Euros with a production of approximately 5.5 million liters. Exports are worth over 90% of the market with more than 13 destination countries, in particular North America (47%) and UK-Ireland (13%).
"The decision to acquire Fattorie Giacobazzi confirms the commitment of Monari Federzoni in the sign of the enhancement of the Modena area thanks to one of its symbol products - Balsamic Vinegar - which, for over a hundred years, has been the main activity of our company in family" underlines Sabrina Federzoni , president and CEO of Monari Federzoni. "The two realities are perfectly synergistic both from the point of view of the production tradition, both of the sales channels and of the presence on the national and foreign markets. Two well-defined and recognized identities that will maintain their respective specificities and skills, creating a system of excellence that will allow us to continue sharing the culture of Balsamic Vinegar of Modena and to grow, in Italy and in the world".
The agreement, explains a note, will create one of the most important centers for Balsamic Vinegar of Modena with 84 employees in the offices and plants located in the province of Modena (Solara di Bomporto and Nonantola), 18 million bottles exported to over 55 countries, an aggregate production equal to 11% of the total Balsamic Vinegar of Modena PGI sold in Italy and abroad, and 5,500 barriques / casks for a production capacity that covers about 25% of the total sales of the product aged in world. The aggregate turnover of Monari Federzoni and Fattorie Giacobazzi is equal to 32 million Euros.
“With a view to simplifying the business model, we are implementing a focus on the milk and dairy products market. We are already working on new acquisitions both in Italy and abroad. We express great satisfaction for having been able to close an important operation in the name of Italian continuity of ownership, with a solid company, with tradition and focused on the balsamic vinegar market”, declares Gianpiero Calzolari , president of the Granarolo Group.
EFA News - European Food Agency