Spanish confectioner Lacasa buys stake in cocoa processor KKO International

Spain-based confectioner Lacasa is to put successful Côte d’Ivoire cocoa processor KKO International.

Family-owned Lacasa is buying a 22.3% involvement successful the France-listed business, the companies said yesterday (20 April).

Alongside the investment, the businesses are to acceptable up a associated task to marque cocoa products successful Côte d’Ivoire.

Under the presumption of the deal, Lacasa is subscribing to a superior summation by KKO International worthy conscionable nether €4.7m ($5.5m). Lacasa is paying €2.2m successful currency and the remainder by offsetting existing receivables.

Lacasa CEO Fernando Lacasa Echeverria said the program to put successful KKO International was “in enactment with the semipermanent strategical absorption of our household business”.

In the statement, the companies said the KKO International committee would beryllium “composed primarily” of Lacasa representatives.

Lacasa Echeverria added: “We cognize KKO International good done established operational relationships and person been capable to admit the prime of its teams arsenic good arsenic its presumption astatine the bosom of the cocoa sector. We are convinced of the worth instauration imaginable of this concern and mean to play an progressive and constructive relation successful the group’s governance, respecting its individuality and ambitions.”

The companies said Lacasa’s concern would “strengthen” KKO International’s “financial structure” and “consolidate upstream-downstream synergies successful the cocoa and cocoa sector”.

In October, KKO International posted first-half gross of €9.5m, much than treble that of a twelvemonth earlier and already much than the €9.3m the institution generated successful its erstwhile afloat fiscal year. It pointed to higher volumes and the ramp-up of its Shokko processing plant.

However, higher cocoa-bean prices, positive logistics and vigor costs, weighed connected profits successful the six months to the extremity of June. Operating nett reached €1.2m, versus €1.7m a twelvemonth earlier.

The businesses are readying to signifier a task betwixt Lacasa and KKO International subsidiary Shokko to “develop the accumulation of finished cocoa products” successful Côte d’Ivoire. Just Food has asked KKO International for further details connected the plans for the venture.

Lacasa has 5 factories successful Spain, arsenic good arsenic commercialized arms successful Portugal, France and Argentina.

In the statement, KKO International president Jacques-Antoine de Geffrier said: “This is simply a large measurement successful the translation of the KKO International group, which is getting some a coagulated concern partner, strengthened fiscal resources and an accrued capableness to deploy its semipermanent strategy.”

"Spanish confectioner Lacasa buys involvement successful cocoa processor KKO International" was primitively created and published by Just Food, a GlobalData owned brand.