British food giant Associated
British Foods (ABF), announced today it has reached agreement to
acquire Acetum S.p.A., the leading Italian producer of Balsamic
Vinegar of Modena (BVM), one of the best known vinegars in the
world, which has been granted European Protected Geographical
Indication (PGI) status due to its unique manufacturing
tradition and provenance, as well as its high quality.
Completion of the transaction is subject to antitrust
clearance in Germany and Austria.
Acetum was founded by Cesare Mazzetti and Marco Bombarda,
both of whom will remain in the business, and is based in the
Province of Modena in Northern Italy, the region traditionally
associated with balsamic vinegar.
Its brands include Mazzetti, which is the leading brand in
Germany and Australia, as well as Acetum and Fini.
It also produces a range of apple vinegars and other
condiments and sells its products to more than 60 countries
around the world.
In the year ended 31 December 2016 the business generated net
sales of 103 million euros.
ABF said: "We have ambitious plans to grow these brands and
the acquisition will broaden our international presence in
speciality foods."
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