Newlat – stays on the acquisition path
Italian meals group Newlat has informed analysts that it’s in acquisition talks however it has not recognized the goal firm, which is believed to be based mostly in Greece.
The dairy-to-pasta enterprise, which owns manufacturers reminiscent of Buitoni, Polenghi and Giglio, was talking to analysts after releasing its Q1, 2020 monetary outcomes.
Requested about rumours of a possible acquisition in Greece, the corporate mentioned: “We’re on the lookout for a goal to extend our presence in well being and wellness.”
It added: “We’re in talks with a goal however we’re additionally contemplating different targets.
“Our deal with M&A stays very robust. We’re working onerous to create worth with these acquisitions for our shareholders.”
These feedback underline what firm chairman Angelo Mastrolia informed Italian newspaper Corriere della Sera just lately.
Requested about Reggio Emilia-based Newlat’s ambitions, he mentioned: “We need to develop into multi-national however we’ll maintain robust Italian roots.”
In October, shortly after the closing of its preliminary public share providing, Newlat informed just-food it could be eyeing up one or two acquisitions over the following six to eight months because it sought to double the dimensions of the enterprise by way of revenues.
Andrea Rossi, Newlat’s head of enterprise improvement, mentioned that the corporate had 5 M&A targets in thoughts in classes reminiscent of dried and contemporary pasta, bakery and dairy.
In March, it acquired a controlling stake in Italian dairy enterprise Centrale Latte d’Italia.
Within the three months to the tip of March, Newlat recorded gross sales of EUR80.3m (US$86.9m), a rise of 12.4% year-on-year. Adjusted EBITDA was up by 26.2% to EUR6.9m.