De’ Longhi Group finalizes the acquisition of Capital Brands Holdings
United States becomes the first market for the Treviso Group
Following the completion of the authorization process by the competent bodies (in particular the Antitrust bodies) and the occurrence of the conditions precedent, the De' Longhi Group finalized the contract stipulated with some affiliated companies of the investment fund Center Lane Partners for the sale of Capital Brands Holdings Inc., thus fully implementing the preliminary agreements signed on 23 November (see EFA News article of 24/11/2020).
Capital Brands, founded in 2003 and headquartered in Los Angeles, California, develops products in the home nutrition industry, marketed in over 100 markets around the world under the Nutribullet and Magic Bullet brands. The American company has successfully created the personal blenders segment, within the broader blender category, becoming the category leader in North America and other key global markets such as Australia, New Zealand and the United Kingdom.
A note specifies that Capital Brands estimates net revenues of about 290 million dollars for the year 2020, up compared to last year. With this transaction, the United States becomes the first market for the De' Longhi group, with an aggregate turnover of more than 500 million dollars. The price agreed for the total value of Capital Brands on a “cash-free, debt-free” basis is $ 421 million, equal to a multiple of the adjusted Ebitda expected for 2020 of just over 8 times. The consideration for the transaction will be paid by drawing on De' Longhi's liquidity reserves.
EFA News - European Food Agency