Sigma Alimentos acquires remaining shares of Romanian firm Caroli Foods Group
Romania-based Caroli Foods Group, ranked at the top of the 10 biggest companies in the European meat industry, was taken over by Mexican multinational Sigma Alimentos, which acquired 51% of shares, after already owning the other 49%. The financial terms were not disclosed.
The Romanian company was controlled until this Friday by the Lebanese family El Solh. The current transaction doesn’t bring major changes in the management, Khaled El Solh will still be the CEO of Caroli Foods Group, together with his management team, said the executive in a statement.
“It is an important step in the development of Caroli Foods; Sigma experience on the global operations and the expanded range of products represent concrete assets in our approaches of brand development,” said Solh.
“This acquisition allows us to bring forward the development strategy in the extremely attractive region of Eastern Europe,” said Mario Paez, CEO of Sigma.
Caroli Foods was established in Bucharest in 1994. It owns brands such as Caroli, Campofrio, Sissi, Maestro and Primo. It has its own factory in Pitesti, which processes 45,000 tons of meat a year and employs over 1,200 people. The company’s net sales in 2016 exceeded 100 million euros.
Caroli Foods Group and Campofrio Food Group entered a joint venture in 2010. In 2014, following Sigma’s expansion in Europe through its acquisition of Campofrio, Sigma also became a minority shareholder in the Romanian company. With the new acquisition, Sigma says it plans to continue its growth strategy in Eastern Europe.
Sigma is a global player in the refrigerated food industry, with 69 production facilities in 18 countries, more than 44,000 employees and revenues of US$ 5.7 billion in 2016. Its product portfolio includes cooked and cured meats, cheese, yogurt and other refrigerated and frozen foods.