European frozen bakery producer Vandemoortele has acquired Lanterna-Agritech (LAG), a producer of frozen focaccia and bread in Italy.
The acquisition was made in a move to strengthen its bakery products business in Italy, and extend its range with Italian ciabatta and focaccia.
Jules Noten, chief executive of Vandemoortele, said: “We are impressed by the passion for the product and by the strong performance of LAG in the Italian market. We see clear opportunities for further growth.”
Agritech acquired Lanterna in 2012, where the companies’ combined entity became LAG.
Jean Vandemoortele, chairman of Vandemoortele, said: “This acquisition is fully in line with the growth strategy of Vandemoortele.”
Both parties have confirmed that the closing of the transaction is the end of 2015.
LAG currently employs around 300 people and has three production operations around Italy.