GBfoods acquires Continental Foods
- Press release
, François-Xavier Branthôme
On 2 May 2019, the Spanish food company GBfoods entered into final negotiations with CVC Fund V. Following the completion of information and consultation procedures conducted with the relevant European and national work councils of Continental Foods in accordance with applicable laws, CVC Fund V and GBfoods then entered into a binding share sale & purchase agreement.
Under the terms of the agreement, GBfoods will acquire 100% of the Continental Foods group, which includes its entire portfolio of culinary local brands, and its five production facilities that are located in Puurs, Belgium; Le Pontet and Lievin, France; and Lübeck and Kaltenkirchen, Germany.
On 24 May 2019, GBfoods announced that it has signed an agreement with CVC Fund V, for the acquisition of the European group Continental Foods. Ignasi Ricou, GBfoods’ Chief Executive Officer, said: “This acquisition represents a major strategic milestone in the history of GBfoods. GBfoods and Continental Foods will together make a significantly more robust and diversified business platform fully focused on developing strong local brands”.
At this time, the transaction was only subject to clearance by the French Autorité de la Concurrence.
More recently, through its Purchasing Director Felix Ribera, the company announced “that GBfoods has completed the acquisition of Continental Foods. This acquisition is one of the major strategic milestones in the history of our company. We strongly believe that, with Continental Foods, GBfoods has found the perfect fit to build a more robust and diversified platform in Europe, from both a portfolio and geographical point of view. GBfoods and Continental Foods share a very similar culture, operate in complementary markets, have a passion for local flavours with a long heritage, and have great and committed teams.
This operation is a step forward of our commitment to promote local culinary culture and flavours, adding to our current portfolio the Continental Foods' well-known local culinary brands such as Liebig, Royco, D&L, Erasco and Blå Band, among others.
We are deeply satisfied and excited for this step forward and we wanted to share this news with you as you are a key partner for us.
We will keep you informed of any relevant news that may be important to you. Meanwhile, please, do not hesitate to contact us in case you need any further information.
Thank you for being part of our growing GBfoods family”.
Source: GBFoods press release