Monari Federzoni – a historic Modena-based producer of Balsamic Vinegar of Modena PGI, condiments and beverages – has signed an agreement with Granarolo for the acquisition of Fattorie Giacobazzi, a Nonantola-based company specializing as well in the production of balsamic vinegar, condiments and wine vinegars.
Balsamic Vinegar of Modena PGI is driving out a quite difficult moment due to the Covid pandemic and the stop to restaurants activities, with drops in sales of 20-30%. In 2019 Fattorie Giacobazzi reported 14 million sales, with a production of 5.5 million liters. Exports are worth more than 90%. The aggregate turnover of Monari Federzoni and Fattorie Giacobazzi will be 32 million. This is why another Italian balsamic vinegar leader is about to enter the scene.
THE DEVELOPMENT PLAN OF GRANAROLO
“With a view to simplifying our business model, we are focusing on our core business: milk and dairy” – said Gianpiero Calzolari, Chairman of the Granarolo group. “We are already working on new acquisitions both in Italy and abroad.”