U.S. company acquires gluten-free food business
Quebec’s Glutino goes to Smart Balance, Inc.
Laval, Que. – U.S. food maker Smart Balance, Inc. has acquired Importations DE-RO-MA, owners of Glutino Food Group, from Montreal-based investment firm Claridge for $66.3 million.
With sales of approximately $53.9 million, Laval-based Glutino is a leading manufacturer of premium gluten-free foods in both the shelf-stable and frozen food categories, including pasta, pizza, bread and snacks. The company has experienced roughly 30 per cent growth annually for the past three years.
Smart Balance markets a range of spreads, cooking oil and spray, peanut butter, popcorn and more, in addition to natural food products under its Earth Balance brand, and healthier lifestyle products under its Bestlife brand.