CHICO, CA
California Olive Ranch has acquired Lucini Italia, making the newly combined combined company the fourth largest brand in the United States, with 4.45% of retail sales, according to a press release.
“Lucini shares our standards of quality and authenticity and will continue California Olive Ranch's mission to bring genuine and delicious extra virgin olive oil to the American consumer,” California Olive Ranch CEO Gregg Kelley. “We see strong growth in the premium segment in coming years and we think these two brands are best positioned to prosper as consumers trade up to better quality. Like wine, olive oils vary according to soil, climate and olive varietal. Our merger with Lucini will allow us to offer the American olive oil consumer a wider variety of trustworthy oil. This transaction also allows us to enter the sauce, vinaigrette, and vinegar categories with Lucini's portfolio of quality products.”
“We are thrilled about the California Olive Ranch's acquisition of Lucini Italia,” agreed Molinos USA, a significant minority owner of the newly combined company. “We are impressed by California Olive Ranch's track record of growth as well as their quality products. The two companies are a natural fit, and the combination creates a very attractive go-to-market proposition with potential for rapid expansion in the US.”
Going forward, both California Olive Ranch and Lucini Italia will continue to operate under their own labels. The combined company will maintain its headquarters in Chico, California and is expected to have revenues in excess of $80,000,000 in 2015.
Congratulations on this latest acquisition, California Olive Ranch!
