Nutkao, an Italian producer of cocoa and hazelnut spreads, had owned Boerinneke since 2021.
Belgian chocolate spread brand Boerinneke has a new owner, as Moroccan investment fund Al Mada, controlled by the Moroccan royal family, has acquired its parent company, Nutkao, for 450 million euro.
The deal was executed through Teralys, Al Mada's division focused on agriculture and the food industry. Al Mada is one of Africa’s largest private investment funds, with interests across multiple sectors, including banking, mining, and telecommunications.
Boerinneke, produced in Puurs-Sint-Amands, Belgium, will now benefit from Al Mada's strategy of fostering long-term growth in agro-industries and expanding its market reach. Al Mada aims to strengthen Nutkao's market position and introduce new products, helping the company compete more effectively with major rivals like Ferrero.
