An unprecedented Turkish-American alliance makes yet another shopping for an Italian industrial brand. The investment funds of the American Davidson Kempner Capital Management LP and the Turkish Afendis Capital Management have announced the signing of an agreement to acquire 100% of the share capital of Gelato d'Italia from the current owners Idea Taste of Italy (Dea Capital Alternative Funds Sgr), Olivi Group and Marco Pellegrino. 

The goal is to finalize the transaction as soon as possible, provided that the usual conditions for closing are met. Gelato d'Italia is a brand of Indian Srl, with a turnover of around 70 million euros, and produces for third parties but is also known for its own brands such as Gelato d'Italia, Dessert d'Italia, Bottega della Panna and Indianino. 

Idea Taste of Italy had bought 70% of the capital of Indian from the Olivi family in May 2016. Rumors about the sale had already circulated a few weeks ago, even though the potential buyer had been identified in the Peak Rock Capital fund. 

Founded in the 1930s as an ice cream parlor iReggio Emilia, Gelato d’Italia is the leading independent ice cream producer in Italy, an important production partner for world leaders in the ice cream sector and for retailers. In the last five years, the company has almost tripled in terms of turnover, developing its innovation and production capabilities. 

"This is an important step for Gelato d’Italia, at a time when our teams continue to work to achieve our project of becoming a world-class ice cream producer, driven by innovation. We are deeply grateful to the current shareholders for their constant support, their leadership and their guidance in recent years, "said Marco Pellegrino, CEO of Gelato d’Italia. 

"Gelato d’Italia is one of the fastest growing large players in the ice cream sector and we are thrilled to be able to contribute to this path," said Yeşim Kanburoglu Ilbak, partner of Afendis Capital Management. "Ice cream consumption is experiencing robust growth, particularly during the pandemic, and Gelato d’Italia is well positioned to benefit from these growth trends".