Morato acquires NtFood
The Veneto group, leader in industrial bakery, grows in the production of gluten-free products
Morato continues its growth strategy by external lines with the acquisition of the majority stake in Nt Food, a Tuscan company specializing in gluten-free baked goods.
The economic terms of the transaction were not disclosed.
According to the agreements, Nicoletta and Giovanna Del Carlo, founders of Nt Food, remain at the helm of the company in collaboration with Morato and will continue to hold a stake. With a turnover of 35 million euros, developed for over 80% by the brand business, Nt Food is considered a point of reference in the gluten free and health products sector thanks to the Nutrifree and Nutrisì brands.
The products are made in the three production plants entirely dedicated to gluten-free. The plants are located between Altopascio and Porcari, in the province of Lucca: over 7,000 square meters that house the various production lines, including bread products, rusks, flour mixes, breadcrumbs, biscuits, savory snacks but also sweet leavened products such as croissants, brioches and recurrence products.
"We are very pleased to have completed this operation which is part of our strategic plan aimed at developing the bakery products market, through the consolidation of the presence in Europe - explains Stefano Maza, CEO of the Morato group -. In particular, this acquisition will allow us to create significant synergies in terms of product, process and distribution innovation, opening up new interesting opportunities in specialized channels and segments and strengthening our range of branded products".
The Morato group of Altavilla Vicentina (VI) is today an international reality and represents the second player in the industrial bakery market in Italy and Spain, with a consolidated turnover of over 300 million euros, of which over 40% developed abroad. In the 14 factories located between Italy and Spain, the group produces sliced breads (sandwiches, cassettes, tramezzini), bruschetta, sweet and savory sandwiches and wraps; in addition, it produces crunchy bread substitutes, primarily including breadsticks and croutons. In Italy the group holds a volume market share of over 30% in industrial breads and 10% in the breadsticks segment.
"In a very positive moment for our company, joining the Morato group is undoubtedly an opportunity to give even more strength and solidity to our path, allowing us to access important industrial synergies and giving a new impetus to foreign development" , underlines Giovanna Del Carlo, CFO and co-founder of Nt Food.
EFA News - European Food Agency