Teralys, a subsidiary of the Moroccan investment fund Al Mada, has agreed to acquire the Italian confectionery company Nutkao.
The seller is White Bridge Investment and the purchase price amounts to €450 million, according to a report in the Italian daily Corriere della Sera.
The sale process, which began several months ago, attracted interest from multiple multinational corporations and private equity firms.
While TowerBrook and Capvest were initially the leading contenders, Al Mada ultimately secured the deal with support from Teralys and Rabobank.
The buyer is largely owned by King Mohammed VI and his dynasty and this investment marks the first European venture by the Moroccan royals.
The transaction will be carried out through Teralys, an agri-food investment arm established a year ago to focus on international companies and develop the African supply chain.
The acquisition of Nutkao is expected to be finalised after obtaining the necessary regulatory approvals. Teralys plans to introduce new products and expand into new markets, particularly in Africa.
Nutkao
Nutkao, known for producing hazelnut cream for around 400 clients, including major retailers such as Esselunga, Conad, Carrefour, and brands such as Barilla’s Pan di Stelle, generates revenue of around €320 million.
The company’s strategic location in Piedmont, Italy, aligns with Teralys’ investment goals. Additionally, Africa, a significant producer of cocoa beans, provides a natural synergy for Nutkao’s operations.
Teralys’ initial investment in Senegal’s Patisen, a diversified food holding company specialising in peanut, cocoa bean, and hazelnut spreads, further underscores this strategic alignment.
Founded in 1982 by Giuseppe Braida, Nutkao operates near Alba, where Nutella was born. Despite their proximity, Nutkao is not a competitor to Nutella, as they focus on different market segments.
The acquisition represents a significant milestone for both Nutkao and the Moroccan investment fund, opening new opportunities for growth and collaboration in the chocolate and spreadable cream industry.
Nutkao generates about two-thirds of its turnover abroad with a significant production presence in the United States. In 2023, its EBITDA amounted to about €40 million. The company expects EBITDA to rise to €45 million in its current financial year.
