When ZF asked him about it, Damian Mereu denied the information. The process, ZF has found, is being handled by audit and advisory firm KPMG.
Damian Mereu had previously told ZF that he had received bids to sell over time, but his priority was to complete the investments he had in progress.
Croco is now conducting an EUR14 million investment project to expand biscuit production. Once this project completed, the company will hire 400 people for a total of 650. Damian Mereu established the business more than two decades ago after having operated several small stores. He started Croco with $20,000 he used to buy a line that made snack sticks. The company ended last year with about EUR30 million revenue.
(English version by Loredana Fratila-Cristescu)