Romanian canned meat maker Scandia Food took over Spanish company Thenaisie Provote, specialized in canned fish and seafood, thus the Sibiu-based canning group entering new markets in Europe and Americas, as euromeatnews.com informs. The transaction amount was not disclosed.
The negotiations have started since the late 2016 and Scandia Food had to contract a credit bank of EUR 11.2 million in order to restore the patrimonial balance of Thenaisie Provote with a capital increase of EUR 2.85 million and meet the payment plan agreed between both sides.
In November 2017, Scandia Food has established a Spanish subsidiary, Scandia Food Spain, in order to complete the deal, but, as both companies have indicated in a press release, Thenaisie Provote will keep its identity, established brands and current organization, informs the Spanish magazine Alimarket.
In 2017, Thenaisie Provote reported a turnover of EUR 29.8 million, up by 19.6 percent from the previous year. The total production stood at around 5.500 tons from wich more than 15 percent was exported to countries such as Portugal, France, Germany, Italy, Japan, Sweden, Norway, Croatia, Luxembourg, Venezuela, Colombia, the United States, Costa Rica and Puerto Rico.
With the latest acquisition, Scandia Food has ensured an entry into this markets and it could expand the business beyond.
Thenaisie Provote has a portfolio of brands recognized internationally such as Grandes Hoteles, Pombinas, Tapas and Fisterra. The company also produce canned fish under private label.
Scandia Foods is the leader in canned food in Romania and since 2015 has launched different products for the domestic market, like the premium brand “Lotka” canned tuna or “Kopka”.