Italian bread baker forays into gluten-free with Pandea acquisition
Pandea – which has operated in Parma since 1946 – was acquired by Granarolo through a bankruptcy auction in 2016. The unit recorded turnover of €12m in 2019, of which over €10m came from exports, specifically in France and the UK.
Stefano Maza, CEO of the Morato Group, said the purchase will open opportunities for Morato to expand its international footprint – which currently accounts for 30% of turnover – and specifically in the gluten-free market.
“The operation was closed in partnership with Armando De Angelis, guided by Paolo Pigozzo, the former general manager of Pandea, thus enabling us to capitalise on the know-how of the gluten-free market, extending our presence to new product categories in addition to those that the Group currently covers.
“We are responsibly taking the baton from Granarolo, with which we immediately shared the intention to ensure continuity in the management of the company, remaining strongly anchored to the key values that have guided Morato's development for 50 years: quality and innovation at the service of the community.”
The divestiture of Pandea is part of Bologna-based Granarolo’s strategy to concentrate efforts on its core diary milk market in Italy and abroad.
“We intend to recover profitability by simplifying our business model and focusing on the milk and dairy product market, which will also involve acquisitions,” said Gianpiero Calzolari, chairman of the Granarolo Group.
“We are pleased that we closed an operation that will ensure the ownership will continue to be Italian, with a partner that stands for excellence in the bakery market and that, like Granarolo, has an extensive business abroad.”
Euromerger, with its partner Mauro Di Nunzio, acted as Granarolo’s financial advisor.
