Spanish ice cube manufacturer Procubitos Europe, which is owned by GED and Grupo Hervaz, has acquired a 60 per cent stake in Italian company Polo Nord.
Located in the province of Verona, between Milan and Venice, Polo Nord will meet the demand of the group both in Italy and its neighbouring countries, such as Switzerland or Austria, with the ice produced in its factory. The company is currently capable of producing 25 tons/day of Vogt ice and has the most advanced technology in the ice manufacturing market. As part of an ambitious development strategy, the group also has important investment plans that will allow them to double their current capacity in the following months.
One of the founding partners of the company, Giuseppe Olivetti, will preserve its participation in the company as a minority shareholder and as a General Manager of Polo Nord, directly reporting to Miguel Ángel Vázquez, General Manager of the resulting Group.
Félix Guerrero, Vice-president of GED and President of Procubitos Europe, says: “We are very pleased to be able to announce this deal with one of the Italian market leaders, a market where we did not have presence at a productive level and which will allow us to take a step forward in the sectoral consolidation that started almost two years ago and that will continue through the following months with the aim of making our firm the main reference of the sector through the Old Continent.”
Vázquez says: “This new acquisition will allow us to strengthen our European project, with the physical presence in a country with an extensive future and which will allow us to access other markets that have great potential in a more competitive and efficient way.”
Olivetti, says; “I am delighted to be a part of and join Procubitos Europe’s project and I am sure that this integration will allow Polo Nord to have the necessary resources to lead the growth that in terms of demand the sector is experiencing in Italy and its neighbouring countries as well as to innovate and be able to present a greater variety and improve the quality of our products to meet the needs of our increasingly demanding customers. I am confident that the merger will bring stability to the Italian market, recently subject to fragmentation consequently of raise of volumes and demand.”
