The Granarolo group – the largest food maker with Italian capital – has bought 66% of specialized balsamic vinegar maker Fattorie Giacobazzi, as it expands its quality food offering to new growing categories. The latest acquisition by Granarolo marks the debut of the group best known for its milk and cheese products into the rising segment of Aceto Balsamico di Modena, in which Fattorie Giacobazzi is the fifth-largest player in Italy. Founded in 1988, family-owned Giacobazzi booked revenues of 15 million euros in 2015, 90% of which generated from exports to countries such as the UK, the United Sates and Northern Europe.The Giacobazzi family will keep the remaining 34% in the company, Granarolo said. Financial details of the transaction were not disclosed. “The partnership with Fattorie Giacobazzi is part of a diversification plan promoted by Granarolo and aimed at building a leading distribution platform at an international level for high-quality Italian products,” said Gianpiero Calzolari, president of the Granarolo Group.
GRANAROLO TO BOOST EXPORTS OF AUTHENTIC ITALIAN FOOD – In addition to PDO hard cheese like Parmigiano Reggiano and Grana Padano, and mozzarella cheese, Granarolo already offers pasta and Prosciutto di Parma PDO. The deal is the 12th partnership announced by Granarolo as part of its plan to regroup producers and boost exports of authentic Italian food. With the investment, Granarolo said it eyes growth in the Aceto Balsamico di Modena PGI market in the UK and US, where Giacobazzi already has its own subsidiaries, as well as in other countries where it already operates. “The partnership with Granarolo represents an opportunity to allow our company, founded thanks to a successful idea of our mother, to grow further, expanding its business in Italy, through the normal trade and horeca channels, and abroad, by arriving in new markets and countries,” said Angelo Giacobazzi, president of the namesake company. Helped by the new partnership, Fattorie Giacobazzi aims to double production in the coming years, he said. The firm produces around 6 million bottles per year and has 400 stock keeping units (SKU), including organic and vegan products.