Dutch food and nutrition company Numico has said it has completed the acquisition of Finnish baby food brands Tutteli and Muksu from Finnish dairy products group Valio for €57m (US$68.8m) in cash.
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Numico said Tutteli, an infant milk formula brand, and Muksu, a cereals brand, together represent around €20m in net sales.
“This add-on acquisition represents an excellent fit with Numico’s overall strategic objective. The two acquired brands, coupled with Numico’s leading position in the Finnish baby food specialities category, offer market leading positions and significant growth potential in a relatively underdeveloped market,” Numico said.
