Food manufacturer Bakkavor has announced that it will sell its stake in Italpizza, the operation that produces authentic Italian wood-fired pizzas for the fresh and frozen food sector.
Italpiza is a supplier to retail, food service, and home-delivery markets in Europe and the US. Bakkavor's partner Dreamfood will now fully acquire the Italpizza business.
Last May, Bakkavor sold a 40 per cent stake to Dreamfood with the three-year option to buying out its remaining 60 per cent of the food business.
Bakkavor has now received formal notice that Dreamfood will take up the offer with the deal expected to complete in the second half of this year. The financial details of the deal were not released to the public.
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