Italy’s Investindustrial buys U.S. toppings maker Parker Food

MILAN (Reuters) – Italian private equity firm Investindustrial said it had agreed to buy Texas-based toppings maker Parker Food, adding to a portfolio of food ingredients companies with aggregate sales of nearly 1 billion euros ($1 billion).

With 370 employees and three plants across the United States, Parker Food has seen a double-digit sales rise over the past decade, Investindustrial said.

Headquartered in Fort Worth, Texas, Parker Food supplies ingredients such as chocolate drops to North America’s $1.7 billion market for toppings, garnishing and special food ingredients, which is forecast to grow on average by 10% a year until 2026.

Investindustrial said in a separate statement it had also bought a “significant portion” of the food making division of TreeHouse Food which manufactures tomato sauce, mayonnaise, salad dressings and pasta.

It did not disclose financial details for the two transactions but said it would announce further acquisitions in the food sector. ($1 = 0.9667 euros)

(Reporting by Francesco Zecchini; editing by Valentina Za, Kirsten Donovan)