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Let’s TalkSugarCreek Packing Co. Acquires Veroni S.p.A in Italy
SugarCreek Packing Co., a producer of bacon and cooked toppers, based in Ohio, United States, acquired Veroni S.p.A, based in Italy, on June 1, 2023. Both companies specialize in the production and distribution of cured meats. The acquisition will expand SugarCreek’s offerings to its existing customers and expand its reach to new markets.
Transaction Summary
The Facts of the Acquisition
- Target: Veroni has one location in New Jersey, seven production centers in Italy, and a wider client base internationally.
- Acquirer: SugarCreek is a family-owned company and a manufacturer of high-quality bacon, cooked toppers, and European-style sous vide. It has manufacturing locations in Ohio, Indiana, and Kansas and serves clients in these states.
Our Take on the Acquisition
Through this acquisition, SugarCreek has gained a new headquarters and facility in New Jersey. It has ambitions to expand capacity in this location and expand production in Veroni’s production centers in Italy. Through Veroni’s New Jersey location, SugarCreek can market its bacon, toppers, and European-style sous vide to the East Coast of the United States.
Veroni’s Italian-style cured meats are very well reviewed, and expansion further into the U.S. market, through SugarCreek’s clients in Ohio, Indiana, and Kansas, will boost growth in demand for Veroni’s products. The companies’ existing facilities complement each other’s locations, and synergies in the supply chain can be used to expand the reach of both companies’ offerings.Additionally, SugarCreek has gained Veroni’s network of 200 international sales brokers that can be used to sell SugarCreek’s product internationally.
The Transaction
| Date: | June 1, 2023 |
| Price: | Undisclosed |
| Purpose: | To expand into more high-end, pork-based product lines and into the international markets. |
| Acquirer’s Statement: | John Richardson, chairman and CEO of SugarCreek – “We are very excited about the coming together of our two companies and how it will position us in the marketplace. Both companies offer unique, high-quality, and food-centric assortments. Together, we can build on the Veroni group and grow and widen our product offerings for our current and future customers. Quality food and customer care are our guiding principles. Most importantly, both organizations have outstanding associates and very qualified and talented teams. Together we will build on the core values and food-forward culture. Our goal is to become a market-leading and quality-driven organization that will deliver the highest quality products for all our customers.” |
Target/Seller: Veroni S.p.A
Company Information
| Target: | Veroni S.p.A |
| Website: | veroni.it |
| Industry: | Food Manufacturing Industry – Cured Meats |
| Type: | Private, family-owned business |
| Founded: | 1925 |
| Employees: | 550 (Self-published on company website) |
| Locations: | Italy: Corporate Office and Production Plant #1: Viale Vittorio Saltini, 15/17, 42015 Correggio, Emilia Romagna, Italy Production Plant #2: Gazza, San Martino, Emilia Romagna, Italy Production Plant #3: Noceto, Parma, Italy Production Plant #4: Langhirano, Parma, Italy Production Plant #5: Sala Baganza, Parma, Italy Production Plant #6: Borgo Tossignano, Bologna, Italy Production Plant #7: Castel Guelfo, Bologna, Italy United States: Corporate Office and Slicing Plant: 1110 Commerce Blvd, Swedesboro, New Jersey 08085, United States |
Product Information
| Products: | Pork Ham – Pork from leg cuts that have been preserved Salami – A cured sausage made from fermented meat Mortadella – Italian sausage made of finely hashed or ground meat-cured pork Coppa – Italian cured meat made from pork shoulder and neck Pancetta and Guanciale – salt-cured pork belly meat or cheeks Lardo – Salumi made by curing strips of fatback with rosemary and other herbs and spices Pancetta Tesa – Naturally cured pork belly Beef Speck and Bresaola – Cured beef meat |
Financial Information
| Revenue: | USD $185 Million (Estimated) Buyer’s Revenue per Employee of USD $337,480 x Employees of the target company (550) |
Target/Seller Overview: Veroni S.p.A.
Veroni is among the top 15 companies in the cured (dried) meats sector in Italy and # 1 in the imported Italian charcuterie (deli meats) segment in the United States. It was founded in 1925 in the small town of Correggio, Italy. Today, the company operates six production facilities in the Emilia Romagna region of Northern Italy and a slicing plant in the United States. With more than 600 products, 280 employees in Italy, 70 in the United States, and around 200 sales brokers, Veroni S.p.A. sells worldwide in all distribution channels: retailers, traditional shops, hotels, restaurants, and cafés.
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Explore Your Options NowBuyer/Acquirer: SugarCreek Packing Co.
Company Information
| Buyer: | SugarCreek Packing Co. |
| Website: | kehe.comsugarcreek.com |
| Industry: | Food Manufacturing Industry |
| Type: | Private, employee-owned, received one round of private equity funding |
| Founded: | 1966 |
| Employees: | 2,500 (Self-published on company website) |
| Locations: | Corporate Office: 495 Old Chillicothe Road South East, Washington Court House, Ohio 43160, United States Ohio (5 Plants)Manufacturing and Storage Facility #1: 2101 Kenskill Avenue, Washington Court House, Ohio 43160, United States Manufacturing and Storage Facility #2: 4249 Beerman Avenue, Dayton, Ohio 45417, United States Manufacturing and Storage Facility #3: 4585 Muhlhauser Road, Hamilton, Ohio 45011, United States Manufacturing and Storage Facility #4: 4235 Thunderbird Lane, Fairfield, Ohio 45014, United States Manufacturing and Storage Facility #5: 4320 Indeco Ct, Blue Ash, Ohio 45241, United States Kansas (1 Plant)Manufacturing and Storage Facility #6: 1600 W. McKay Street, Frontenac, Kansas 66763, United States Indiana (1 Plant)Manufacturing and Storage Facility #7: 1200 Enterprise Road, Cambridge City, Indiana 47327, United States |
Product Information
| Products: | Raw Meat – Bacon Fully Cooked Toppers – Cooked, bite-size meats for snacks and serving Sous Vide – Cooked meat and fish produced by vacuum sealing and immersing in warm water |
Financial Information
| Revenue: | USD $843.7 Million (2022) (Unconfirmed Source: RocketReach) |
| Revenue per employee: | USD $337,480 |
| EBITDA: | Undisclosed |
Buyer/Acquirer Overview: SugarCreek Packing Co.
SugarCreek was founded by John S. Richardson in Washington Court House, Ohio, in 1966 as a producer of raw bacon. Today, nearly half a century later and under the leadership of his son, John G. Richardson, the company has grown into a diversified, innovative, and extraordinarily flexible food manufacturer with seven major manufacturing facilities. SugarCreek’s core competency is operational excellence in packaged foods for retail and food service channels, providing a wide-ranging, value-added assortment of products – raw to sous vide to fully cooked – for domestic and international customers across all channels of trade. It has a long-standing commitment to sustainability, employing the latest technology, and creating a safe environment both for products and for employees. SugarCreek employs over 2,500 associates and serves customers across the United States and internationally.
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Sources
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