Valsoia eats Loriana wraps
Acquires the second Italian player in the segment from De.Co Industrie
Valsoia today finalized a preliminary agreement with De.Co Industrie Soc. Coop. PA for the purchase of the business unit relating to the second player in the Italian piadine market, under the “Loriana” brand.
The business unit will be transferred for an equivalent value of € 12.98 million in addition to the net working capital serving the class. The operation, which does not involve the transfer of financial receivables or payables, is fully financed with resources already available from Valsoia: for this reason no form of financial assistance is envisaged. The transaction is expected to be completed in the next few days and will take effect from 31 December 2020. Until that date, the product distribution activity will continue with the seller and its commercial network.
The agreement provides that the production of Loriana piadina will continue at De.Co Industrie in the current Forlì plants, while maintaining the existing supply chain, which is entirely traced. The acquisition of the branch constitutes an operation of significant strategic value for the company, and strengthens its food division together with the other brands: “Santa Rosa” and “Diete.Tic”.
The transaction was assisted by Kpmg on the aspects of accounting dual diligence and by the Rinaldi Associated Law Firm as legal consultant. Lorenzo Sassoli de Bianchi, president of the health food company, said: “We are thus adding to our portfolio a brand with a premium positioning, the second value player in the piadine market. Loriana still has important growth opportunities in Italy and abroad in a dynamic market segment, the bearer of positive values linked to the quality, versatility and tradition of the product ".
EFA News - European Food Agency