Before this transaction, Sigma Alimentos used to own 49% of the firm’s shares through Campofrio Food Group, according to a statement.
Caroli Foods Group and Campofrio had teamed up in 2010, with Campofrio holding a 49% stake in Caroli. In 2014, through Sigma’s expansion in Europe and the acquisition of Campofrio, Sigma also became a minority shareholder in the Romanian company.
Campofrio Food Group (which is now fully owned by Sigma) has 25 factories in Europe and almost 7,000 employees. Revenue from its European operations exceed EUR1.9 billion.
Khaled El Solh, Chief Executive Officer of Caroli Foods Group, said this is a major step for the development of Caroli Foods. He added that Sigma’s expertise in global operations and the wide range of products are actual advantages for the group’s steps towards developing its brands while keeping the fundamental values that make Caroli Foods Group extraordinary.
Sigma CEO Mario Páez said this transaction allows Sigma to take its growth strategy further into the extremely attractive region of Eastern Europe.
The current deal does not imply major management changes, as Khaled El Solh will remain CEO of Caroli Foods Group, together with his management team, according to company representatives.
Caroli Group has more than 1,200 employees and owns a factory in Pitesti, southern Romania, and a strong distribution network.
Sigma is a giant with revenue of over $5.7 billion annually and some 44,000 employees. The company’s brands include, among others, the Yoplait yogurts and other brands on the dairy and meat segments.