DeA Capital and Cleon Capital enter in Gias frozen food
The two investors control a Newco of vegetarian ready meals
DeA Capital and Cleon Capital enter in Gias frozen food. The Calabrian company of the Tenuta family will give to a newly established company - Gias Srl, 51% controlled by IDeA Agro and Cleon Capital and 49% by Gias Spa itself - the business unit that operates in the frozen ready meals sector based on vegetables supplied by local farmers. Gloria Tenuta will remain president and CEO of Newco. IDeA Agro is the fund dedicated to the agricultural supply chain managed by DeA Capital Alternative Funds Sgr and with Cleon Capital, a consultancy firm specializing in business development, it created a joint investment vehicle with equal shareholdings for the operation.
Gias has a consolidated turnover of around 50 million euros and has recorded a growth rate of around 10% per year in the last 5 years, around 30% of its turnover is achieved abroad. With the transaction, the new investors aim to support the company in completing an investment program in the current production site in Mongrassano, also thanks to the support of Invitalia, the National Development Agency, and to increase its commercial presence. abroad, as well as favoring further managerial management. The goal is also to enhance the agricultural supply chain of Calabria, Campania, Basilicata and Puglia. "Thanks to the support of IDeA Agro and Cleon Capital we hope to give further impetus to the growth of Gias, on the national market and, above all, on foreign markets", commented Tenuta.
Pier Felice Murtas , managing director of Idea Agro, and Lorenzo Zambon of Cleon Capital commented: "We are proud to have contributed to the realization of the first significant private equity operation in Calabria and to be able to offer this growth opportunity to a solid and structured as GIAS. The skills and ability of Gloria Tenuta have led the company to hold a leadership position in the frozen ready meals market. We will put all our efforts at the service of the company to make this history of excellence grow even more".
The Idea Agro fund was launched in spring 2017 by Dea Capital Alternative Funds sgr and has carried out various investment transactions. In April 2019 the fund signed a series of preliminary contracts for the purchase of 200-250 hectares of land in the Alessandria area to be converted to the production of hazelnuts, with the aim of including the farm within the Nocciola Italia project launched by Ferrero Hazelnut Company. In December 2019 IdeaAgro took over 45% of the Apulian Tarulli farm, a leader in the cultivation and marketing of organic and biodynamic table grapes. In March 2020 the fund invested in the company Atena, to equip it with the necessary resources to create a specialized olive grove of over 300 hectares, located on the border between Lazio and Tuscany, dedicated to the production of extra virgin olive oil of the highest quality. Last May, the fund invested in Ingino spa, a leading company in the production, freezing, conservation and wholesale marketing of chestnuts and other fruit-based semi-finished products.
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