Nutkao, the chocolate and hazelnut spreads business, has indirectly come under the ownership of the Moroccan royal family.
Teralys, the agri-industrial unit of Al Mada Holding, has acquired Piedmont, Italy-based Nutkao for an undisclosed sum, although media reports in Morocco suggested the deal was struck for €450m ($496.7m).
A statement from Teralys did not reveal the seller nor any finer details behind the investment in Nutkao. However, Milan-based White Bridge Investments bought an 80% stake in the business in 2018, while the company’s family owners retained 20%.
Speculation emerged last year that White Bridge had put Nutkao on the market, with CapVest touted as a potential interested party. The UK-headquartered private-equity firm declined to comment on the talk at the time when contacted by Just Food.
“Teralys strengthens its ongoing commitment to the agro-industry sector with a significant transaction and has announced the signing of an agreement for the acquisition of Nutkao, one of Europe's leading cocoa and vegetable protein processors, as part of a competitive international process,” the acquirer’s statement read.
“The transaction will be finalised once the necessary administrative authorisations have been obtained.”
Al Mada Holding is owned by the Moroccan royal family and also operates the Al Mada Ventures private investment fund focused on African countries.
Al Mada Holding and Al Mada Ventures had not responded to Just Food’s request for more information on the transaction at the time of writing. Nutkao had also not replied to a request for comment.
Nutkao was set up in 1982 by Giuseppe Braida and serves as a contract manufacturer and private-label supplier of spreads based on cocoa, hazelnut and pistachio.
The company expanded through M&A in 2021 by acquiring the branded spreads business Boerinneke in Belgium. The same year, Nutkao snapped up pistachio products business Antichi Sapori dell’Etna based in Sicily.
Nutkao now has three production facilities: The Boerinneke site in Puurs-Sint-Amands, Belgium, a factory in Canove di Govone, Italy, and another in the US located in Battleboro, North Carolina.
It also operates a cocoa processing plant in Ghana.
“This acquisition is fully aligned with Teralys’ strategy for long-term investment in structuring projects for the agro-industry, promoting the development of African resources and further expanding local production,” the statement read.
“Teralys will also pursue Nutkao’s development by introducing new products and strengthening its presence in specific markets, particularly in Africa.”
