“We’re about running out of organic growth resources, we will have to look at other avenues if we want to continue this growth strategy. We’ve never said no to the possibility of acquisitions and will consider the opportunities that come up. We have a strong brand, we can afford greater growth than we can achieve now,” said Grigore Horoi, who runs a group with more than EUR150 million revenue.
The meat market has seen a number of deals in the past year, with the most important being Smithfield’s acquisition of Elit Cugir from entrepreneur Dorin Mateiu and Sigma Alimentos becoming the sole owner of Caroli Foods. Entrepreneur Radu Timis, the owner of Cris-Tim, has recently bought a plant with 110 employees in Prahova County, southern Romania.
Agricola group includes Agricola International (the largest company of the group), Agricola Magazine SRL (the Agricola retail chain), Salbac (salami manufacturer) and Europrod (ready-meal production) and Avicola Lumina (eggs).
It has an 18% share of the poultry market by volume, 23% share of the ready meal market and 4% share of the egg market. It also accounts for 20% of the market of dry cured salami by value, the group said.
The group posted 322 million lei (EUR69 million) revenue in the first half of last year, 6% higher than in the year-ago period. (EUR1=RON4.6595)
(English version by Loredana Fratila-Cristescu)