ABF Expands Speciality Foods Portfolio
Associated British Foods, the UK-based diversified international food, ingredients and retail group, is acquiring Acetum, the leading Italian producer of Balsamic Vinegar of Modena (BVM),for an undisclosed sum. BVM is one of the best known vinegars in the world, which has been granted European Protected Geographical Indication (PGI) status due to its unique manufacturing tradition and provenance, as well as its high quality. Completion of the transaction is subject to antitrust clearance in Germany and Austria.
Acetum was founded by Cesare Mazzetti and Marco Bombarda, both of whom will remain in the business, and is based in the Province of Modena in Northern Italy, the region traditionally associated with balsamic vinegar. Its brands include Mazzetti, which is the leading brand in Germany and Australia, as well as Acetum and Fini. It also produces a range of apple vinegars and other condiments and sells its products to more than 60 countries around the world.
In the year ended 31 December 2016 the business generated net sales of €103 million. ABF has ambitious plans to grow these brands and the acquisition will broaden the group’s international presence in speciality foods.
ABF has operations in 50 countries across Europe, southern Africa, the Americas, Asia and Australia, generates sales of £13.4 billion and employs 130,000 people.
