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Mondelez International Inc. announced on Monday, April 25, that it has acquired Grupo Bimbo's Ricolino confectionery business unit. The producer of Oreo cookies is investing about $1.3 billion in the acquisition.
According to Reuters, Mondelez is planning to expand its business in Mexico, and with its purchase of Ricolino, it can double the size of its trade there. It was added that the acquisition also presents an entry point for the company to widen its chocolate category.
Ricolino is said to have an annual revenue of about $500 million and employs almost 6,000 workers. It has four production plants, and its products are being distributed in leading supermarkets and convenience stores.
Mondelez shared that its deal with Grupo Bimbo to acquire Ricolino will be funded through cash on hand and debt. With the acquisition, the American confectionery firm will also own Ricolino’s other brands, including Vero, Coronado, and La Corona.
“This acquisition will provide a step change for our business in Mexico, an important growth market for us, more than tripling our routes to market and growing our position in core snacking categories,” Mondelez International’s chief executive officer and chairman, Dirk Van de Put, said in a press release. “We are thrilled to welcome Ricolino’s talented people and amazing brands into the Mondelēz International family.”
Mondelez’s business in Mexico will now double its size with the addition of Ricolino to its portfolio. Its deal with Grupo Bimbo is expected to be completed and close some time in the third quarter or early fourth quarter of this year.
“We ventured into the confectionery industry with the establishment of Ricolino in 1970; today, after 52 years of growth and progress, it is the industry leader in Mexico, Grupo Bimbo’s chairman and CEO, Daniel Servitje, said.
He added that they truly recognize the Ricolino team for all of its wonderful accomplishments and are truly grateful for their commitment and hard work. The chief went on to say that he is confident that Mondelēz "will leverage these amazing brands to a much higher position.”
Ricolino was established in the 70s, and it has been a leading company in the country since then.
