Ebro Foods S.A. has agreed to acquire Olivieri Foods.
October 24/Madrid, Spain/Press Release -- Ebro Foods S.A. has agreed to acquire Olivieri Foods, the fresh pasta and sauce business of Toronto-based Canada Bread Company Ltd., for approximately C$120 million ($115 million). The transaction is expected to close by the end of 2013.
“The acquisition of Olivieri is an important strategic operation for Ebro, which will enter the Canadian fresh pasta and sauces segment through its leading brand, thus consolidating our position as No. 1 in all categories in which we operate,” said Antonio Hernandez Callejas, chairman of Ebro Foods. “Ebro already has a strong presence in Canada through Catelli Foods, with the Catelli brand for dry pasta and Minute Rice products.