Italy-based Granarolo has acquired Conbio, a company that produces a wide range of vegetable and organic food products.
Granarolo purchased Conbio, partially in the form of an increase in capital and partially through the acquisition of 60% of its shares.
This new acquisition will allow Granarolo to further strengthen its position in the vegetable product market, which grew by 240% in half a decade, going from €130m in 2010 to €318m in 2015.
The vegetable market is expected to grow further, reaching close to €600m by 2020.
Granarolo president Gianpiero Calzolari said: "Our Granarolo '100% Vegetale' range, launched at the beginning of last year, in 2015 reached a turnover of more than 14 million Euro, confirming the fact that the market of vegetable products is growing by double-figure factors every year in our country.
"In particular, the delicatessen sector, in which Conbio is specialised, grew the most. According to forecasts, it is expected to reach a third of the overall vegetable product market, driving its further growth.
"High quality standards, extending the ranges on offer, efficiency, and the ability to penetrate the market are the key words that will guide our work in the coming months".
Conbio company head Paolo Franceschini said: "The entry of Granarolo opens new prospects for Conbio, a company that has always believed in the market of vegetable products, contributing to growth in the sector.
"Today, we can express our sincere pride and optimism in becoming part of a great Italian group like Granarolo.
"We are sure we can make a significant contribution to the development of a broad project focusing on 100% vegetable products."
Conbio ranks fourth in the vegetable-based food market for refrigerated goods in Italy, and has a market share of 6.1%.
In 2015, it had a turnover of close to €12m.
