Greece’s Vivartia to buy Nonni’s American biscuit firm March 7, 2008Posted by grhomeboy in Business & Economy, Food Greece.
Tags: Business, Economy, Food, Greece, News
Vivartia, Greece’s largest food group, said yesterday it has signed a deal to buy US biscuit and snack-producer Nonni’s for $320 million as part of its expansion plans.
Vivartia, which is present in 30 countries, said it has agreed to buy 100 percent of Nonni’s from US private equity firm Wind Point Partners and Nonni’s board members in a deal expected to be completed by April 1. “The technical know-how offered by the company in combination with its broadened network and commercial potential make Nonni’s a suitable platform to expand in the USA,” Vivartia CEO Spyros Theodoropoulos said in a bourse filing.
Nonni’s offers six production units in the USA and reported 2007 earnings before interest, tax, depreciation and amortization (EBITDA) of $32 million on sales of $187 million, Vivartia added.