Unilever has sold its Bertoli olive oil and vinegar business to Spanish food firm Grupo SOS for euro 630M.
The transaction includes the sale of the Italian Maya, Dante and San Giorgio olive oil and seed oil businesses, as well as the factory at Inveruno, Italy.
Under the terms of the deal, Grupo SOS has the worldwide, perpetual licence for olive oil and premium vinegar products under the Bertoli brand.
Unilever will keep the brand for all other categories, including margarine, pasta sauces and frozen meals. Unilever said the brand remained one of its priorities, with strong growth plans based on capturing the growing appetite for Mediterranean food.
“Bertoli is a brand leader of olive oils in Europe, the US and Australia and we believe that Grupo SOS, with their deep expertise in this category, will further strengthen the business,” said Vindi Banga, Unilever president for foods, home and personal care.
Grupo SOS chairman Jesús Salazar said: “This transaction is absolutely strategic to Grupo SOS and it reinforces us as worldwide leaders in olive oil. We share our focus on the Mediterranean diet with Unilever and benefits will accrue to both our groups and to the consumer.”