Continuing the firm’s policy of disposals, Bakkavor said the sale of a stake in Italpizza would allow it to focus on its key markets of the UK, North America and Asia.
Agust Gudmundsson, ceo, said: “This transaction aligns the long-term interests of both Bakkavor and Dreamfood, and represents continued progress with the group’s strategy of focusing on its core growth markets in the UK, USA and Asia.”
Dreamfood is an investment firm controlled by Cristian Pederzini, md of Italpizza. Dreamfood has also been granted a three-year option to purchase the remaining 60% of Italpizza.
A three-year option
In January Bakkavor sold its South African prepared fruit business, Spring Valley Foods , to In2food Group also for an undisclosed sum.
Previous sales have included its ready meals operation Heli Food Fresh in the Czech Republic.
Meanwhile, this week Bakkavor reported a 6.2% rise in revenue generated by its UK division to total £364.1M , thanks to new contract wins.