MADRID — Ebro Foods, S.A. completed the acquisition of Olivieri Foods, the fresh pasta and sauce business of Toronto-based Canada Bread Company, Ltd., following approval from the Canadian Competition Bureau. Ebro agreed to acquire Olivieri in late October for C$120 million ($115 million).
Olivieri Foods manufactures flat and filled fresh pasta products and sauces at its facilities in Hamilton, Ont., and Delta, B.C. The company had sales of C$105.5 million last year.
“The purchase of Olivieri Foods, valued at C$120 million, is an important strategic operation for Ebro, which enters the Canadian fresh pasta and sauce segment through its leading brand, thus consolidating its position as No. 1 in all the categories in which the group operates,” Ebro Foods said. “Ebro already has a strong presence in Canada through Catelli Foods, the subsidiary operating in the dry pasta sector under the Catelli brand, and the rice sector under Minute.
“The consolidation of Olivieri will also produce numerous additional synergies with our European fresh pasta business headed by Lustucru Frais, in commercial, industrial and marketing aspects.”