Competition Authority approved the acquisition of an undisclosed stake in patisserie products maker Arolez Gıda by Dubai-based Masterbaker Marketing, a subsidiary of Switz Group and a provider of the baking industry with first class ingredients and services.
“Our company has set new goals with this transaction. We have joined forces with one of the most important food companies in the world," Arolez Gıda Chairman Nizamettin İren said.
Masterbaker Marketing FZCO, which aims to strengthen its position in Turkey with the new partnership, operates in 9 countries.
Masterbaker previously bought a 50 percent stake in Turkish bakery ingredients maker Mildo Food in 2013.