Cerealto Marks Us Entry With Stake In Co-manufacturing Peer Fresca Foods

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Cerealto has taken a mostly liking successful chap co-manufacturer Fresca Foods, marking nan Spanish group’s description into nan US market.

Investor-backed Cerealto said nan transaction will boost some companies’ “capabilities successful high-growth snacking segments”.

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Colorado-based Fresca Foods’ guidance will proceed to negociate nan business, which will clasp a “significant shareholding”, according to a connection wherever nan financial specifications were not disclosed.

Upon completion of nan deal, North America will correspond 20% of Cerealto’s yearly revenues, which were put astatine €526m ($605.2m).

Backed by Davidson Kempner Capital Management and Afendis Capital Management, Cerealto is presently focused connected markets successful Europe, nan UK and Mexico. As good arsenic acting arsenic a co-manufacturer of biscuits, cereals and snack bars, nan institution besides produces for private-label customers, including awesome retailers.

Fresca Foods, meanwhile, produces snack bars, granola, meal cereals, crackers and cookies connected a statement basis.

Bosco Fonts, nan CEO of Cerealto, said successful nan statement: “Partnering pinch Fresca Foods’ activity squad gives america a beardown foothold successful nan world’s largest snacking market, shifting our business from predominantly European to genuinely international.

“The US integrated snacking class is already weighted astatine astir $32 cardinal and is projected to turn astatine much than 6% annually, truthful this is simply a immense opportunity to grow our footprint globally.”

Cerealto’s tie-up pinch Fresca Foods “accelerates nan scaling of manufacturing and invention platforms”, nan connection read, which added nan Spanish business operates 10 accumulation plants successful 4 countries employing 3200 staff.

Last year, Cerealto acquired Hill Biscuits successful nan UK from private-equity patient LDC. When that woody was announced, nan institution said it had 9 accumulation accommodation successful Spain, Portugal, Italy and Mexico.

Just Food has asked Cerealto to corroborate really galore plants it will person station nan woody pinch Fresca Foods and to explain nan locations of its existing sites.

Brandon Viar, nan CEO of Fresca Foods, said successful nan statement: “Together pinch Cerealto, we person nan platform, expertise and shared ambition to accelerate maturation arsenic nan starring co-manufacturing and private-label snacking partner. We are genuinely excited for this adjacent section successful Fresca’s journey…”