An investment company that is controlled by the Moroccan royal family has purchased Nutkao, an Italian manufacturer of hazelnut and chocolate spreads.
450 million euros
The acquisition has been made through Teralys, a part of the Al Mada group that focuses on the agricultural and food sectors. Teralys has spent 450 million euros on the deal, French trade magazine LSA reports.
Nutkao, founded in 1982 by Giuseppe Braida, has its headquarters in Piedmont, the North-Italian region where rival Ferrero also has its roots. The company makes cocoa and hazelnut paste products, mainly under private label. In 2021, the group acquired Boerinneke, Belgium’s second largest chocolate spread producer.
Operating in more than eighty countries, Nutkao also has production sites in Ghana, Italy and the United States. Its turnover in 2022 was some 300 million euros.
