Nutifood acquires majority stake in KIDO Foods

KIDO Foods, a subsidiary of KIDO Group, holds the largest market share in Vietnam’s ice cream market, driven by its flagship brands, Merino and Celano.

Having entered the ice cream market in 2003, KIDO Foods has steadily grown its presence and, according to Euromonitor, has maintained over 40 per cent market share since 2019. In 2023, KIDO Foods further strengthened its leadership position, capturing 46.7 per cent of the market. The two leading brands, Merino and Celano, accounted for 25.9 per cent and 19.6 per cent of the market, respectively, far outpacing competitors.

KIDO Foods’ journey began with its acquisition of Unilever’s Wall’s ice cream factory in 2003. It launched the Merino brand in 2004, followed by the premium Celano line in 2005. In 2016, the company expanded into the frozen foods sector under the KIDO Foods brand.

In 2022, KIDO Foods delisted its 56 million shares from the Hanoi Stock Exchange and the Vietnam Securities Depository, merging with its parent company, KIDO Group (Ticker: KDC). KIDO Group divested over 17.8 million KIDO Foods shares last year, reducing its ownership from 73 to 49 per cent and converting KIDO Foods into an affiliate.

KIDO Foods currently operates two manufacturing plants, one in Cu Chi in Ho Chi Minh City and another in the Vietnam-Singapore Industrial Park in Bác Ninh, to supply ice cream across Vietnam.

Commenting on Nutifood’s decision to invest, Tran Bao Minh, vice chairman of Nutifood’s Board of Directors, explained, "This acquisition enables Nutifood to diversify from health-focused products to those catering to consumer enjoyment."

"Owning KIDO Foods’ extensive distribution network, which includes hundreds of thousands of ice cream freezers spanning traditional retail, modern retail, restaurants, hotels, and entertainment venues across the country, gives Nutifood a critical platform to rapidly expand into the frozen foods market," added Minh.