Grupo Arcor and Danone have taken full control of La Serenísima after acquiring the remaining shares in Mastellone Hermanos SA in one of the biggest food industry deals of the year to date.
The two companies will run the country’s best-known dairy brand through a joint venture. Neither disclosed the value of the deal, which followed months of negotiations over the valuation of Mastellone Hermanos and disputes with the selling shareholders over price and conditions.
Arcor and Danone already owned about 49 percent of Mastellone and exercised an option to purchase the remaining controlling stake from the founding Mastellone family and investment fund Dallpoint, allowing them to take 100 percent control and end a process that began more than a decade ago.
The operation was carried out through Bagley Latinoamérica, the Arcor-Danone joint venture created in 2005, and will lead to the creation of a new dairy joint venture integrating Mastellone’s production operations, Danone’s dairy business in Argentina and the Logística La Serenísima distribution network, with Arcor contributing its commercial structure, logistics capabilities and market reach.
La Serenísima, Argentina’s leading dairy brand, is one of the country’s largest milk processors and a major seller of dulce de leche, cheese, butter, cream, yoghurts and desserts, among other products.
The combined business will include 11 production plants in the region and a broad dairy product portfolio, creating one of the most important suppliers in the sector.
In a statement, the two firms said the acquisition “will create an integrated business, leveraging their strengths and capabilities to deliver greater and more agile innovation, boost operational efficiency and expand reach.”
“Ultimately, this is about providing healthy, high-quality dairy brands to more consumers in Argentina, today and in the future,” said Antoine de Saint-Affrique, chief executive of Danone, a French multinational.
Alfredo Pagani, president of Córdoba-based Grupo Arcor, said the joint venture would allow the companies to leverage commercial capacity, operations, processes and best practices, accelerating growth.
Closure of the deal is subject to regulatory approval.
– TIMES/NA/PERFIL
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