ROMANIA: Transaction on the ice cream market – Unilever takes over Betty Ice | Progresiv

Romanian ice cream producer Betty Ice, owned by Vasile Armenean businessman, has reached a sales deal with the Anglo-Dutch giant Unilever, the second largest player in the food industry and the ice cream market leader in Romania. According to sources in the market, Betty Ice, a business of 30 million euros, was taken over by Unilever, in a transaction worth about 100 million euros.

The first rumors about the sale of Betty Ice have emerged in the market ever since last year, and several players have been in the race to take over, including the Latvian Food Union group, who bought local company Alpin Lux in 2016.

Betty Ice owns a factory in Suceava and is the most important Romanian producer on the ice cream market, estimated at 200 million euros. According to the latest reports, Betty Ice ended 2016 with a business of 30 million euros, up by 10% from 2015, while the profit was at a similar value of 5.1 million euros. The company, however, is the most profitable business in the industry, with a margin of 15% in 2016. For 2017, Vasile Armenean businessman recently told Progresiv that he is expecting an increase in turnover of up to 8% up to 32-33 million euros sustained both by economic growth and consumption on a positive trend, as well as by the investments made and exports.

Unilever is the leader of the local ice cream market, the main competitors being Nestlé (Nirvana, JOE), Macromex, Top Gel and Alpin 57 Lux.