BREAKING NEWS: Bolton Buys 38% Of Calvo For USD 132 Millionff
23 April 2012
Italy
Bolton Group bought a 37.6 percent stake in Spain’s canned fish company Calvo for more than Euro 100 million (USD 132 million).
Bolton, which has a more than 50 percent market share of the canned fish industry in Italy with its brand Rio Mare, bought a 22.2 percent stake in Calvo owned by several lenders including Banca Civica SA (BCIV), and a 15.4 percent stake from the controlling Calvo Pumpido family, news sources said.
Calvo is the market leader in Spain, with its Calvo brand. It also owns the Nostromo brand, which is exclusively marketed in Italy. Nostromo is the second brand in the Italian canned tuna market.
Several years ago Bolton already bought the company Saupiquet of France.
With this recent purchase it has firm investments in Europe’s three major canned tuna markets: Spain, Italy and France in terms of per capita consumption. An important part of these markets is supplied by locally processed tuna, from imported raw materials. The United Kingdom is Europe’s main import market for canned tuna products processed outside the European Union, where Bolton has no presence yet.
