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UK food maker Bakkavor divests stake in Italpizza

FBR Staff Writer Published 12 May 2014

UK-based food maker Bakkavor has completed the sale of its 40% stake in Italpizza, the company’s Italian pizza manufacturing business, to Dreamfood.

Financial details of the deal have not been divulged.

Dreamfood is an investment company controlled by Italpizza managing director Cristian Pederzini. Under the terms of the deal, Dreamfood has also been granted a three year option to acquire the remaining 60% of the pizza company.

Commenting on the development, Bakkavor chief executive officer Agust Gudmundsson said, "This transaction aligns the long term interests of both Bakkavor and Dreamfood, and represents continued progress with the Group's strategy of focusing on its core growth markets in the UK, USA and Asia."