Charcuterie producer Caroli Foods, a business of Lebanese ElSohl family and European giant Campofrio Food Group, owner of thelocal charcuterie producer Tabco-Campofrio, have recently signedthe agreement to merge the operations of the two companies into ajoint venture. Caroli Foods Group, the company set up by the twoplayers through this joint venture is worth 60 to 70 million euros,according to the estimates provided by sources close to the deal.They say the European giant paid over ten million euros to own 49%in Caroli Foods Group because the local business of Campofrio washalf of Caroli's, which would have corresponded a to stake ofmerely 31% in the newly established company. The quoted sources didnot specify whether the money brought by Campofrio would stay withthe new company or go to Caroli's shareholders. This deal will puta multinational for the first time on one of the top positionsamong charcuterie producers on a market worth almost one billioneuros, dominated by Romanian family businesses. "We had the courageto invest in Romania when no one had the courage to invest and havebeen the most active in terms of market consolidation," said TalalEl Solh, principal shareholder and chairman of Caroli, one of thefew companies to have engaged in acquisitions on the Romaniancharcuterie market.
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