The company ensures that it is not a ‘colonization’, but a strategic operation to grow into one of the most potential markets in the world: China.
TheYimin Group, a subsidiary of the Shanghai-based Bright Food Group, has acquired majority stake in the Italian firm Salov. Headquartered in Tuscany, the Salov Group is specialized in the production and sale of olive oil, seed oil and related products in over 60 countries, is a market leader in the United States and Great Britain, and generates a turnover of 330 million.
The Chinese company had reached an agreement with Salov’s private owners, the Fontana family and bought a controlling stake.Existing shareholders and the management will continue to own minority stake and the rest of Salov. The exact size and price of the stake were not given.
Bright Food has in recent year bought Manassen Food Australia Pty. Ltd and U.K. based cereal marker Weetabix Food Co.
This new deal marks the strategy of the China giant Bright Food, with a turnover of $ 17.3 billion, to develop the international growth of the company by penetrating the Italian market and to boost its profile with famous Italian brands, company spokesman said. Bright Food is also reportedly in talks to look for new acquisitions in Italy.
“The selection of a strategic partner like Bright Food starts from the great harmony and unity of vision that we shared, for the development of a company so strongly rooted in the territory and abroad, whose brand is synonimous of Italian quality – said Alberto Fontana, president of Salov Group –. The entry of Salov in a large international group is a further step to support the company’s strategic vision. Our business horizon, already highly international, through this partnership will be further expanded and will also allow Italy to have an even stronger presence in foreign markets. It ‘s just the beginning of a great challenge, which will bring great satisfaction to the company, its employees and to their home land”.