Teralys acquires Italian spread manufacturer Nutkao for US$491M

MOROCCO – Teralys, a subsidiary of the Moroccan-based investment company Al Mada, has announced the acquisition of Nutkao, an Italian agro-industrial firm and spread manufacturer, for €450 million (US$498.2 million). 

Al Mada, which is owned by the King of Morocco, holds significant assets including the supermarket chain Marjane in Morocco and Senegalese food producer Patisen.

Nutkao, established in 1982, is a producer of spreads and organic creams and operates as a smaller rival to Ferrero’s well-known Nutella brand. 

The company has production facilities in Italy, Belgium, and the United States, as well as a cocoa processing plant in Ghana. 

Nutkao distributes its products, including pistachio-based specialties, ingredients for the pastry sector, “Free From” creams, and ice cream preparations, to around 80 countries. 

In 2022, Nutkao reported a turnover of €300 million (US$332.1 million).

The acquisition follows Al Mada’s July 2023 purchase of a majority stake in Patisen, a major Senegalese manufacturer. 

Patisen produces a variety of food products such as chocolate spreads, stock cubes, margarine, seasonings, and soft drinks. 

The deal, which is still pending regulatory approval, aligns with Teralys’ strategy to expand in Africa’s food sector, Al Mada stated. 

Based in Dakar and founded in 1981, Patisen has grown significantly under the leadership of its founder Youssef Omaïs. 

The company now operates in over 30 African countries with a portfolio of roughly 50 brands, specializing in the production and distribution of various consumer food products such as broths, beverages, edible oils, and spreads.

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