Parmalat Acquires Canadian Natural Cheese Division of Kraft Heinz For €1.1 Billion
Parmalat, the Italian dairy group, is acquiring Kraft Heinz Canada’s division that produces and markets Kraft’s natural cheese products, mainly under the Cracker Barrel, P’tit Quebec and aMOOza brands, for C$1.62 billion (€1.1 billion). Net revenue generated by the business being acquired amounted to about C$560 million (€374 million) in 2017. The acquired business includes a production facility in Ingleside, Ontario, that has about 400 employees.
The transaction enhances Parmalat’s portfolio in the ‘natural’ with high added value cheese segment of the strategic Canadian market. Parmalat will now be able to leverage the Cracker Barrel brand within the branded segment of the natural cheese segment, allowing it to complement its existing offering in Canada of Black Diamond branded natural cheese. The deal will also improve Parmalat’s positioning throughout Canada, particularly in Quebec, a region in which Parmalat currently has only limited penetration, and to other areas of the country in which the group is not present.
The acquisition is subject to approval from the Canadian Regulatory Authorities.
Parmalat Group, which is listed on the Italian Stock Exchange, has been controlled by the Lactalis Group of France since 2011.
