ITALY – Canuti Tradizione Italiana (Canuti), a family-owned producer of frozen pasta serving the food service channel, has been acquired by The Riverside, a US-based and global private investor.
Canuti, founded in 1950, produces and sells frozen pasta and non-filled pasta internationally to 35 countries. It was acquired by the Toffano Pagnan family in 2015, who expanded it from a small pasta factory into a leading producer of haute cuisine.
Today, the company boasts of a product range of more than 150 pasta dishes which includes tagliolini, pumpkin tortelli, gramigna, orecchiette, and cheese hats.
Its acquisition aligns with Riverside’s strategies to expand its market segment in frozen pasta and food service channels and to contribute to further internationalization.
Tapping from the well-diversified customer base from Canuti, the Riverside company will better its international penetration in the food service channel.
“We are pleased to have found an investor like Riverside, who will be able to carry on the mission of providing chefs from all over the world with professional solutions to create excellent pasta dishes.” Said Marcello and Andrea Toffano, Family owners of the Canuti factory.
Earlier this year, the Riverside company acquired II Pastaio di Brescia, a branded and private-labeled potato-based gnocchi producer in Berlingo in Brescia province operating since 1983.
The many years of operation had positioned the II Pastaio di Brescia in a large pool of retail customers hence an add to Riverside.
Merging these companies will allow the Riverside company to leverage their existing supplier network to deliver synergies, take advantage of production optimization, and act as a strong platform for further consolidation of the market.
The Riverside company however didn’t disclose the acquisition costs for either establishment.
Allied Bakeries discontinues Burge, the ‘healthy’ bread
Meanwhile, Allied Bakeries, part of Associated British Foods (ABF), has discontinued the Bürgen bread brand from its production lines citing less demand and inflationary pressures.
The decision comes after ABF noted inflationary pressures on its bread sector and its annual reports in November. However, the production line for Burgen bread ceased in September.
“Allied Bakeries sales were ahead of last year due to significant price increases but losses increased with significantly higher costs for wheat, energy, and distribution.”
The company has therefore resolved to focus on “core volume lines” amid inflationary pressures in the sector.
“We know that there are many people who enjoyed Bürgen bread and will have been understandably disappointed by this news. However, given inflationary pressure on the bakery sector as a whole, Allied Bakeries has decided to focus on its core volume lines to maximize production efficiency.”
According to the company, they are not planning to re-launch the brand with another UK partner because, despite multiple re-branding of Bürgen in an attempt to boost sales, marketing it as a healthier, “plant-powered” product, it didn’t bear fruits.