Ebro Foods to divest dry pasta brand Ronzoni to 8th Avenue Foods

Ebro Group’s Riviana Foods has agreed to sell its dry pasta brand Ronzoni to 8th Avenue Foods & Provisions for a $95m consideration.

As part of the deal, Riviana Foods will divest the Ronzoni brand, as well as a dry pasta manufacturing facility in Winchester, Virginia.

8th Avenue CEO Scott McNair said: “We are looking forward to welcoming the Ronzoni brand to our team, a pioneer and leader in the pasta category.

“With its highly on-trend, versatile product offering, state-of-the-art facility, and impressive customer base, Ronzoni has a strong foundation from which to build on its leading market presence.

“Together with the Ronzoni team, we look forward to driving further growth and scale by delivering innovative products to all our loyal customers.”

8th Avenue intends to fund this acquisition using a combination of cash on hand and through borrowings under its existing credit facilities.

Completion of the deal is subject to customary closing conditions, including the receipt of any applicable regulatory approvals, and expected to take place in the second calendar quarter of this year.

Upon completion of the deal, Ebro Group will maintain its presence in the North American market through its dry and fresh pasta businesses such as Garofalo, Bertagni and Olivieri.

In another development, funds managed by CapVest Partners has agreed to divest Eight Fifty Food Group to Canada’s Sofina Foods for an undisclosed sum.

Eight Fifty is engaged in the supply of branded and own-label seafood and pork products across the UK.