Cerealto Siro Foods completes the sale of the Bread business and part of the Pastries business, keeping its commitment to find specialized buyers.
Madrid, November 5th, 2019. The Company has completed the sale of the Bread business with a pre-agreement to sell the factory in Antequera, and part of the Pastries business with a pre-agreement to sell the factory in Navarrés, both subject to due diligence.
For the Bread business, it has reached a pre-agreement with Morato Pane, the second bread manufacturer in Italy with over 50 years’ experience, for the sale of the factory in Antequera.
For the Pastries business, it has reached a pre-agrement with Dulmatesa, a Spanish family business operating since 1920 that distributes the brand Productos López which is a specialist in bakery, confectionary and pastries, for the sale of the factory in Navarrés.
The operation follows Cerealto Siro Foods’ commitment to find buyers who have these categories at the core of their strategy and who have the capacity to make these businesses grow, as well as the people who work for them.
About Morato Pane
Morato Pane is a group specialized in the Bread business since 1970, when Luigi Morato founded the first bread factory in the historic centre of Vicenza (Veneto).
Due to its strong acquisition’s strategy and its bet for innovation and quality, a few years after it became the second most important bread and derivatives manufacturer in Italy with a broad experience in the national and international markets.
Currently, the company has a turnover of €130m, 7 factories and a workforce of over 500 colleagues.
Dulmatesa, the company that distributes Productos López, is a manufacturer and distributor of bakery, confectionary and pastries that was born in 1920 as a family business and has placed a high bet for innovation.
With the recent operation and under the leadership of its CEO and owner, Alberto Lopez, Dulmatesa seeks to achieve a consolidated turnover of € 40Mn, three production centers in Puente Genil (Córdoba) with a staff of 80 people, to which is added the new factory in Navarrés (Valencia), which aims to expand its range of products and serve its customers in the Spanish market and internationally.
About CEREALTO SIRO FOODS
CEREALTO SIRO FOODS, resulting from the merger of Siro and Cerealto, is a multinational company that manufactures cereal based products, supplying retailers and food branded companies.
The Group registered a turnover of more than €600m in 2018, has a team of 4.800 people and a production volume of more than 400,000 tonnes annually in 16 manufacturing facilities located in Spain, Portugal, Italy, United Kingdom and Mexico, supported by a commercial team in the United States of America.
With an accumulated investment in 2018 of over €13m in product innovation, its business model is focused on the consumer, the quality, product and process innovation and operational excellence. It also has a great commitment towards the development of the communities in which it operates and the integration of people at risk of social exclusion, which currently stands at 11% of the workforce.