Gias generates 30% of turnover outside Italy
Gias, the Italy-based frozen-food manufacturer, has sold a majority stake in its business to expand at home and overseas.
Two private-equity firms, Italy s IDeA Agro and Spain s Cleon Capital, have acquired the shareholding, with Gias retaining 49%. Financial terms were not disclosed.
Gias, based in Mongrassano in southern Italy, is a ready-meals manufacturer. It generates annual turnover of around EUR50m (US$60.8m). In a statement announcing the deal, it was stated Gias had recorded a growth rate in the last five years of approximately 10% per annum .
Gloria Tenuta, who will remain Gias chairman and CEO, said: Thanks to the support of IDeA Agro and Cleon Capital, we hope to give further impetus to the growth of GIAS on the national market and, above all, on foreign markets. Around 30% of Gias turnover is made outside Italy.