Vivartia acquires Nonni's Food Co.
March 06, 2008
by FoodBusinessNews.net Staff
ATHENS, GREECE — Vivartia S.A., an investment business of Marfin Investment Group, has reached an agreement to enter the U.S. bakery and confectionery market through the acquisition of Nonni’s Food Co. for $320 million.
The transaction is expected to be completed by April 1. Wind Point Partners is the majority owner of Nonni’s.
"Nonni’s offers strong brand leadership, long-standing relationships with key customers and an impressive manufacturing footprint in the U.S.," said Dennis Malamatinas, M.I.G. chief executive officer and chairman of Vivartia’s board of directors. "Nonni’s has great brands with attractive, high-end products found from Safeway to Starbucks, and we believe it is a perfect fit for Vivartia as we expand into the North American market."
Nonni’s is headquartered in Tulsa, Okla., and is a supplier of biscotti cookies and other specialty baked good products. Nonni had sales of $187 million in 2007 and the transaction will be funded through debt.
"The acquisition of Nonni’s is of great strategic importance for Vivartia as it heralds our company’s entrance into the impressive bakery and confectionary market in the U.S.," said Spiros Theodoropoulos, c.e.o. of Vivartia. "Nonni’s significant product know-how coupled with its developed distribution network provide Vivartia with the ideal platform for expansion in the U.S. market."