Nutkao, a prominent player in the chocolate and hazelnut spreads market, is now indirectly part of the Moroccan royal family’s portfolio. Teralys, the agri-industrial arm of Al Mada Holding, has taken control of Nutkao, which is headquartered in Piedmont, Italy. While the specifics of the transaction remain undisclosed, media sources in Morocco suggest the acquisition valued at approximately €450 million ($496.7 million).
Although Teralys did not disclose the seller or detailed terms of the investment, it is noteworthy that Milan-based White Bridge Investments held an 80% stake in Nutkao since 2018, with the family’s original owners retaining a 20% share. Speculation arose in the previous year surrounding White Bridge’s intentions to sell Nutkao, with CapVest indicated as a potential suitor. However, the UK-based private equity firm chose not to comment on these rumors at that time.
“Teralys strengthens its ongoing commitment to the agro-industry sector with a significant transaction and has announced the signing of an agreement for the acquisition of Nutkao, one of Europe’s leading cocoa and vegetable protein processors, as part of a competitive international process,” the acquiring company stated. The finalization of the acquisition is pending the necessary administrative approvals.
Al Mada Holding, which is owned by the Moroccan royal family, also manages the Al Mada Ventures private investment fund that targets opportunities within African nations. Neither Al Mada Holding nor Al Mada Ventures responded to inquiries regarding additional details on this transaction, and Nutkao also did not provide comment.
Founded in 1982 by Giuseppe Braida, Nutkao operates as a contract manufacturer and private-label supplier specializing in cocoa, hazelnut, and pistachio-based spreads. The company expanded its presence through strategic acquisitions, such as Boerinneke, the Belgian brand it acquired in 2021. That same year, Nutkao also purchased Antichi Sapori dell’Etna, a producer of pistachio products based in Sicily.
Today, Nutkao’s operational capacity includes three production facilities: the Boerinneke site in Puurs-Sint-Amands (Belgium), a factory in Canove di Govone (Italy), and an additional facility located in Battleboro, North Carolina, USA. The company further operates a cocoa processing plant in Ghana.
“This acquisition is fully aligned with Teralys’ strategy for long-term investment in structuring projects for the agro-industry, promoting the development of African resources, and enhancing local production,” the company emphasized. Moreover, Teralys intends to drive Nutkao’s growth by introducing innovative products and bolstering its market presence, especially in Africa.
In the context of food and beverage industry trends, this acquisition represents a significant shift within the food and drink business landscape, reflecting evolving food and drink consumer trends. As Teralys integrates Nutkao into its portfolio, it opens new avenues for growth in an increasingly competitive market.
