Caroli, Campofrio Merge To Form Romania’s Largest Meat Processor

„Caroli Foods Group and Campofrio Food Group announced today (Friday) the signing of an agreement to merge their operations, in a joint venture, in Romania and the neighboring countries, including Bulgaria, the Moldova Republic, Serbia, Ukraine and Turkey,” the two companies said in a joint statement.

The joint venture will operate under the name of Caroli Foods Group, the statement added.

Caroli Foods Group will own a 51% stake in the new company, while Campofrio Food Group will hold the rest of 49%.

According to the statement, Romania will be the joint-venture’s main selling market. However, the two groups plan to expand their operations in the Southeastern Europe.

The company’s Board will be formed of 5 members representing both Caroli Foods and Campofrio, and will be chaired by Talal El-Solh. Haluk Akdemir, currently the general manager of Caroli Foods, will be chief executive of the new company.

The deal is subject to the Competition Council’s approval.

Caroli Foods ranks second on the Romanian meat processing market, according to the company’s data.

In its 12 years of activity, Caroli Foods invested over EUR35 million in two factories in the southern Romanian city of Pitesti. The group currently employs 1,300 people.

Caroli Foods Group is made up of Caroli Prod 2000, Caroli Foods Group SRL, Caroli Brands SRL and Maestro Industries SRL.

According to the most recent data, Caroli Foods Group is owned by Dutch-registered Kenes, with a 99.43% stake.

Spanish group Campofrio has been activating on the Romanian market since 1998, currently owning a factory in the southeastern city of Tulcea.

On the local market, the two companies rival with Cris Tim, Aldis, Angst and H&E Reinert.