MOROCCO – Teralys, a subsidiary of Moroccan investment fund Al Mada, has signed a Memorandum of Understanding (MoU) to acquire Italian chocolate manufacturer Nutkao for €450 million (US$502.1M).
The acquisition, pending regulatory approval, marks a strategic move by Teralys to consolidate its presence in the global agro-industrial sector, particularly in Africa.
Founded in 1982, Nutkao is renowned for producing cocoa and hazelnut spreads that are distributed in over 80 countries.
The company has established itself as a key player in the cocoa and plant protein processing industry, with production facilities in Italy, Belgium, the United States, and Ghana.
Giuseppe Braida, founder of Nutkao, expressed optimism about the acquisition. “This negotiation gives me a sense of serenity,” he said. “I believe there is great potential for long-term investment that will benefit the company’s stability and growth.”
According to Teralys, this acquisition is fully in line with its strategy of investing in the long term in structuring projects for the agro-industry by promoting the development of African resources and further developing local production.
The deal reflects Teralys’ commitment to fostering growth in the agro-industrial sector, with a particular focus on Africa.
This acquisition follows another agreement by Teralys just over a year ago, when Al Mada signed a memorandum of understanding to acquire a majority stake in Senegalese agri-food company Patisen.
Patisen, founded in 1981, is a leader in the African food sector, producing a wide range of consumer goods including broths, beverages, and edible oils.
Al Mada, one of Africa’s largest investment funds, is present in 27 countries and operates in key sectors such as telecommunications, financial services, mining, and mass distribution.
The company has gradually shifted away from Morocco’s agro-industrial sector in recent years, selling its stakes in companies like Lesieur and Centrale Laitière to international firms.
In 2017, Al Mada invested €600 million (US$669.5M) across the African continent, excluding Morocco, as part of its ongoing expansion into strategic sectors.
Sign up to receive our email newsletters with the latest news updates and insights from Africa and the World HERE
