Unilever has announced that the acquisition of Betty Ice Romanian ice cream producer has been closed after the deal had been agreed between the two parties in January this year. The Romanian Competition Council has Okayed the deal, and thus Betty Ice has become the newest member of the Unilever giant.
Betty Ice was founded in 1994 by Romanian entrepreneur Vasile Armenean and is one of the most important players on the on the local ice cream producers market, with a total turnover of EUR 30 million. The company owns one factory in Suceava and has more than 180 ice cream kiosks open during summer time. Betty Ice has 760 employees in Romania. Betty Ice reported a turnover of RON 126 million in 2016, up 10.5 percent over the previous year.
Abris Capital investment fund and Union Food Latvian group also entered the race for Betty Ice. In 2016, the Romanian ice cream brand had a market share of 16.5 percent.
The value of the transaction has not been disclosed, but, according to sources in the market, the Anglo-Dutch consumer goods giant paid about EUR 100 million for the Romanian ice cream maker.
Now, the ice cream division within Unilever Romanian and Betty Ice will operate together, “combining the Unilever’s vision and world capacities with the local expertize and know-how of Betty Ice”, as a press release informs on Thursday.
According to the quoted source, the aim of the acquisition is to build a better business, able to provide the Romanian customer a range of products that should meet the expectations both on price and tastes.
Vasile Armenean, Betty Ice founder, will continue to run the business as the company’s General Manager.
James Simmons, Managing Director Unilever South Central Europe said: “The deal is closed and we are happy to welcome Betty Ice into our family. The remedies we agreed with the Competition Council will have an impact on our business, but we are here to serve our consumers in the best way so we will follow and comply with the decision and focus on our long-term sustainable growth. Joining forces with the amazing team of Betty Ice is our quest to bring best quality ice cream to every Romanian.”
Vasile Armenean, General Manager Betty Ice, added: “Today is an important day in the Betty Ice history. We are proud that a Romanian ice cream brand has joined a global leader’s portfolio. Our legacy and the Unilever vision are a perfect match to ensure the future of the Betty Ice brand.”