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Moroccan Firm Challenges Global Spread Market with Strategic Italian Acquisition
In a significant move that could reshape the global spreads industry, Teralys, a subsidiary of Moroccan royal holding company Al Mada, has announced its acquisition of Italian agro-industrial group Nutkao for €450 million. This strategic purchase positions Teralys as a formidable competitor to established spread manufacturers, particularly in the hazelnut and cocoa-based product sector.
Nutkao, founded in 1982 by Giuseppe Braida, has built a strong reputation in Europe for its cocoa and vegetable protein processing capabilities. With production facilities spanning Italy, Belgium, and the United States, as well as a cocoa processing plant in Ghana, Nutkao has established a robust international presence. The company's product range, distributed across 80 countries, includes spreads, organic creams, and pistachio specialties, catering to evolving consumer preferences through innovative offerings.
Despite recent economic challenges, Nutkao demonstrated impressive growth, reporting a record turnover of €300 million in 2022—a 20% increase from the previous year. This performance, coupled with its diverse product portfolio and strategic acquisitions such as Boerinneke and Antichi Sapori dell'Etna, made Nutkao an attractive target for Teralys' expansion plans.
The acquisition aligns with Teralys' long-term strategy to invest in structuring projects within the agro-industry sector, promote African resource development, and expand local production capabilities. This move follows Teralys' recent acquisition of Senegalese agro-industrial player PATISEN in 2023, suggesting a concerted effort to build synergies across its growing portfolio.
Teralys aims to leverage Nutkao's existing strengths while introducing new products and reinforcing the brand's presence in key markets, with a particular focus on Africa. This approach not only consolidates Al Mada's position as a major player in African agro-industry development but also demonstrates its commitment to fostering the growth of smaller sector companies on an international scale.
The implications of this acquisition extend beyond Teralys and Nutkao. With Al Mada's substantial backing, the newly expanded entity is poised to challenge the dominance of current market leaders. For context, Nutella currently holds a commanding 66.5% market share by value and 62.1% by volume, according to 2023 Circana data. This acquisition could potentially disrupt these figures and introduce more competition into the global spreads market.
Giuseppe Braida, Nutkao's founder, expressed optimism about the acquisition, viewing it as an opportunity rich with potential. While acknowledging that it's too early to fully assess the impact, Braida remains confident about the future under Teralys' ownership.
This acquisition not only marks a significant milestone in Teralys' growth trajectory but also signals Al Mada's expanding influence in the European market. As the deal awaits final administrative approvals, industry observers are keen to see how this strategic move will reshape the competitive landscape of the global spreads and cocoa-based products industry.