Reykjavik, 28 April 2008. Bakkavör Group has acquired an Italian pizza
manufacturer, Italpizza, which specialises in the manufacturing of fresh and
frozen authentic Italian wood fired pizzas. The consideration price, which
remains confidential, was financed by Mizuho Corporate Bank Limited.
Italpizza primarily supplies the retail market, home delivery and food service
companies across Europe and North America. The company was established in 1991
and currently employs over 230 people in Modena, in Northern Italy. Its
turnover in 2007 was €40 million.
Italpizza will be consolidated into Bakkavör Group from the acquisition date.
The acquisition will have a significant effect on turnover and profitability of
the Group's Continental European operations. The Group expects a sales growth
of 15% and EBITDA of at least €5 million in 2008.
Ágúst Gudmundsson, CEO Bakkavör Group:
“Italpizza is a global player, recognised for its high quality, premium pizzas,
and provides an excellent strategic fit with Bakkavör. This is our first major
step into the frozen food market, which demonstrates our strategy of taking
different approaches in different markets. This acquisition not only provides
us with a strong presence in the Italian market, but also complements our
current pizza operations, strengthens our competitive advantage and provides a
good potential for further growth within the global prepared pizza market,
which is one of Bakkavör's key focus areas.”
Further Information:
Ágúst Guðmundsson, CEO
Tel: +354 550 9700
Ásdís Pétursdóttir, IR
Tel: +354 858 9715
About Bakkavör Group
Bakkavör Group is a leading international food manufacturing company
specialising in fresh prepared foods and produce. The Group operates 63
factories and employs around 20,000 people in 10 countries. The Group's Head
Office is in Reykjavík, Iceland, and the business is listed on the OMX Nordic
Exchange in Iceland. (Ticker: BAKK).
The Group's vision is to be recognised and respected as the world's leading
fresh prepared foods and produce provider. Bakkavör Group has attained leading
market positions in its key market areas. In total, the Group makes over 6,000
products in 18 product categories, which are developed and sold predominantly
under its customers' own brands. In addition to the UK and Iceland, the Group
also has business operations in France, Belgium,Italy, Spain, South Africa,
China, the Czech Republic and the United States.
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