Italian group Nutkao has taken a major step in its European expansion by acquiring Belgian chocolate spread manufacturer Boerinneke. Two former Duo Penotti managers take over the daily management.
Strategic takeover
Boerinneke achieves an annual turnover of 14 million euros and, with its own brand and the private labels it produces, is Belgium’s number two chocolate spread player. The company has existed for 70 years and is located in Puurs-Sint-Amands in the province of Antwerp. Now, the company is coming into the hands of the Italian group Nutkao, which has major ambitions in Europe, and more specifically in Belgium, the Netherlands, France and Germany.
“Boerinneke is a strategic acquisition for the Nutkao Group, consolidating its growth in Europe,” said Federico Fulgoni, CEO of Nutkao. “Boerinneke has a significant position in the Belgian market, recognised for its quality and mastery of the chocolate production process. In line with the Group’s strategy, Boerinneke fits into the vision of specialising more and more products and services, while respecting the values of each local company.”
Flexibility and specialism
The day-to-day management of Boerinneke will be in the hands of brothers Daniel and Marcel Peeters. Both have extensive experience in the sector and were at the helm of Dutch iconic hazelnut spread brand Duo Penotti. “We are delighted by the acquisition of Boerinneke by Nutkao. With this, we are taking a giant leap forward in the industry. Boerinneke’s positive developments appealed to us greatly because of their flexibility and specialism, which provides great additional value to our product range”, says Daniel Peeters.
Nutkao was founded in 1982 by Giuseppe Braida and is headquartered in Piedmont, Italy. The family business makes cocoa and hazelnut paste products for more than 80 countries and has about 400 employees spread over its head office and three production sites in Ghana, Italy and the United States. After the acquisition of Boerinneke, the group turnover will be approximately 200 million euros.
