Unilever sells low-growth Bertolli to Enrico-Glasbest

Unilever has sold what remains of its Bertolli business to Dutch food maker Enrico-Glasbest. Unilever’s ongoing move away from low-growth categories and brands will be welcome news for investors but Enrico-Glasbest says a little TLC will unlock ‘enormous potential’.

On the 4th of January 2021, Enrico-Glasbest took over Bertolli from Unilever. The acquisition concerns, amongst other trade mark rights under the Bertolli licence, the European Pasta sauces, Pesto and Mayonnaise activities. Unilever has previously sold the Olive Oil and Margarines activities of Bertolli to respectively Deoleo (2008) and KKR / Upfield (2018). The Bertolli brand, as well as the activities in the United States, are owned by the Japanese Mizkan Group since 2014. 

 “We see an enormous potential. With more attention for, and increased investments in quality, innovation and marketing, more value will be created. In Enrico-Glasbest we have found an ideal home to bring this wonderful brand to bloom again,” said Aleks Fiege and Jet van Koten, both closely involved with Bertolli in the past as managers at Unilever, who have initiated this acquisition.

After the takeover, the group’s turnover adds up to ca. Euro 50 million. No staff will transfer following the transaction, and no production locations will be taken over. The production of Bertolli products will continue to take place at current producers. The acquisition is financed by Victus Participations, management, and Rabobank.
To enable smooth integration, a transition period of 6 months has been agreed, during which Unilever will continue to handle sales and operations for Bertolli.

Source: www.enrico.nl

Further details in attached documents: