Marr takes over the activities of the Verrini group
The Italian leader in foodservice is strengthened in the fresh fish segment
Marr SpA, the leading company in Italy in the marketing and distribution of food and non-food products to the foodservice, owned by Cremonini Group, has signed the binding Framework Agreement to purchase all the shares of a newly incorporated company will be conferred all the activities of Antonio Verrini & Figli SpA including those of processing and marketing of fish products, and of Chef Srl which leases the Chef Seafood company. Verrini, based in Genoa and which operates with 5 distribution centers along the Ligurian coast and in Viareggio and a fleet of 50 refrigerated vehicles, represents a reference reality in the marketing of fish products in Liguria and Versilia. The company, which has been active since the early 1950s, has spent 3 generations of the Verrini family which brought it to more than 48 million euros in sales in 2020 (before the pandemic it had been 58 million in 2019) with a significant specialization in fresh (over 2/3 of turnover) and in the processing of fresh and defrosted products. The transaction, for which the stipulation of the closing is subject to the consent of the competition and market authority, provides for a valuation (including the assumption of debts) of 8 million euros and partly deferred payment, in addition to an earn-out subject to the achievement of turnover and profitability targets in 2022.
The operation also provides for the contribution of the Chef with over 7 million euros in sales of fish products in 2020, mainly to catering customers on the Romagna Riviera served by the distribution center of San Clemente (Rimini). The acquisition of product specialization and skills, which also provides for the confirmation of the management of Verrini in the people of Alessandro and Manuel Verrini, with the latter retaining the role of CEO, will allow Marr to strengthen its presence in Liguria and Versilia through the fresh fish.
The world consumption of fish products from 1961 to 2017 grew at an annual rate of + 3.1% with an annual per capita value that in 2018 reached 20.5 kg. At the European level, the annual per capita consumption of fish is around 24.4 kg with a propensity that in Italy rises to around 31 kg. 20% of fish consumption in Italy is extra-domestic, a share that in the period 2015-2019 recorded a steady increase in real terms. Fish in out-of-home catering in Italy is therefore a growing item in a country where the consumption of these products is above the EU average and with a share of fresh products that is around 36% of frozen ones. Marr has long developed a strategy to strengthen its presence and specialization in fresh seafood which in 2019 represented about 10% of sales to the main segment of customers of the Street Market (restaurants and hotels not belonging to in groups or chains).
The transaction also provides for the stipulation of 6-year lease agreements plus a further 6 for the distribution centers through which the Verrini Group operates.
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