Musgrave has announced the acquisition of Italicatessen, a leading importer and distributor of premium food and wines from Italy.
Based in Newtownmountkennedy Wicklow, Italicatessen was founded in 2002 and employs 75 people.
Consideration was not disclosed, and the deal is subject to Competition and Consumer Protection Commission approval.
Musgrave intends that Italicatessen will continue to operate as a standalone business, with the existing management team and staff working within the broader Musgrave wholesale business.
The company said its wholesale and retail customers will have direct access to a wide range of artisan Italian food and wine products from pasta, preserves, cheese, olive oil to fine wines.
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Musgrave CEO Noel Keeley commented: “The acquisition of Italicatessen is an excellent strategic fit for our business which enhances our market-leading food service and retail offer.
“Whether it’s Italian, French, Spanish or Mexican food, consumers now expect the quality and taste to match the experience they have when eating in these countries. Italicatessen brings that authenticity to customers looking for locally sourced Italian products.
“Italicatessen customers will benefit from the support of Musgrave in terms of supply chain infrastructure and access to an increased product range.”
In August 2022, SuperValu and Centra owner Musgrave acquired fine food shop McCambridge's in Galway.
Christian Reolon, managing director of Italicatessen, said: “Musgrave will open access to the largest wholesale and foodservice distribution network in Ireland. This will enable us to grow, while ensuring the long-term sustainability of our business.
“The acquisition happens at a great time for us given the momentum of the business. It will facilitate greater focus, support and investment in developing the business and our people and building on all that we have achieved in recent years.”
Italicatessen also distributes in the UK, based in Brentford, where the firm has 12 staff.
Italicatessen Ltd is owned by PEQ Food Ltd which in turn is owned by PEQ Holdings Ltd.
The PEQ Holdings principal shareholders are Giorgio Guastalla (45%), Teresa Immacolata Luppino (45%), Giacomo Duranti (5%) and Marco De Sanctis (5%).
Italicatessen Ltd had turnover of €13.8m in 2020 and traded on a gross margin of 34%, Net profit for the year was €745,000 and company net worth in December 2020 was €2.9m.
Period-end liabilities reduced through 2020 from €3.5m to €1.9m.
Parent company PEQ Holdings reported a €47.6m gain in the 2020 P&L from fair value movements reflecting the change in market value of listed and unlisted investments.
