Bakkavör Group: acquires Italian pizza manufacturer

Reykjavik / IS. (bk) Bakkavör Group has acquired an Italian pizza manufacturer, Italpizza, which specialises in the manufacturing of fresh and frozen authentic Italian wood fired pizzas. The consideration price, which remains confidential, was financed by Mizuho Corporate Bank Limited. Italpizza primarily supplies the retail market, home delivery and food service companies across Europe and North America. The company was established in 1991 and currently employs over 230 people in Modena, Northern Italy. Its turnover in 2007 was 40 million EUR. Italpizza will be consolidated into Bakkavör Group from the acquisition date. The acquisition will have a significant effect on turnover and profitability of the Group´s Continental European operations. The Group expects a sales growth of 15% and EBITDA of at least five million EUR in 2008 (press release).