ITALY – Latteria Soresina, an Italian dairy cooperative and major global player in the production of dairy products, is set to close a deal with the Oioli brothers to acquire Fratelli Oioli, a gorgonzola cheese-making company.
The President of Latteria, Tiziano Fusar Poli, said that in addition to the assets, Oioli’s values of great competence, passion and dedication influenced the acquisition.
Latteria Soresina intends to leverage the know-how of Oioli in cheese production so that they can market cheese, specifically gorgonzola. It also intends to open up additional opportunities in Italy as well as export markets.
Gabriele Oioli, Fratelli Oioli’s production manager, assured that the acquisition will ensure their company’s future continuity as well as that of the employees of Fratelli Oioli.
While the acquisition will provide Laterria 100% of the shares of Oioli, the terms of the deal indicate that the Oioli brothers will remain responsible for running the company.
The deal is anticipated to be fully finalised during the last few days of the month of January for an undisclosed sum.
Company sales manager, Maurizio Oioli, said: “We believe that becoming part of a large and solid group such as Latteria Soresina will allow the company to continue to grow on the market as it has done in recent years.”
Fratelli Oioli, which started as a small family-owned business, has witnessed immense growth over the years with the development of DOP Gorgonzola to national and foreign markets.
They faced and overcame challenges such as the complications caused by the pandemic, energy and raw material availability crisis that still affect the market to this day.
Last year they recorded a turnover of close to €14 million(US$15.2M) which was a 32% increase compared to the value recorded in the previous year.
Latteria, on the other hand, reported a turnover of €494 million(US$535M) in 2022, a 19% increase from its last year’s turnover, but as a group, they anticipate their annual turnover to exceed €500 million (US$541M)
For all the latest food industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube channel.