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DeA Capital: Taste of Italy 2 fund concludes its first transaction in Spain

Acquired 60% of Alnut, Foodiverse keeps the remaining 40%

The investment fund Taste of Italy 2, managed by DeA Capital Alternative Funds SGR S.p.A. and Foodiverse Hold S.L, have signed an agreement under which 60% of the shares of Alimentación y Nutrición Familiar S.L. (Alnut), a company specialising in family and infant nutrition, will belong to the fund and the remaining 40% to Foodiverse, the group to which the company currently belongs. Founded in 2010, Alnut has over 100 employees and achieved a turnover of 25.7 million euros in 2019. It specialises in the development and production of a wide range of baby food (via its brand Byba) and family food products (via its brand Sun&Vegs): fruit, vegetable, meat and fish purées and dairy desserts. Furthermore, it has an innovative line of plant-based products such as the plant-based alternatives to yoghurt “It’s Coconut“ and “It’s Oat“. It currently sells its products in 16 countries on 4 continents.

According to the CEO of Foodiverse, Rafael Boix, “this alliance responds to three main objectives: stability, growth and expansion. These are goals that we have been working towards for years and we want to take a step further to give them a major boost. And in DeA Capital Alternative Funds we have found the right partner to do this with”. Leopoldo Reaño, Managing Director of DeA Capital Alternative Funds, is also pleased with the deal: “We are very excited to be able to contribute towards Alnut’s expansion, continuing on the path laid out by Foodiverse. We strongly believe that the combination of our sectoral approach together with the capacities of a company like Alnut and its management team and a partner with the experience and reputation of Foodiverse, form very solid foundations on which to build a successful project”.

Gianandrea Perco, CEO of DeA Capital Alternative Funds SGR says, “This is Taste of Italy 2’s first investment in Spain. It is a very important step as it confirms our commitment to expand our regional scope to an international level, remaining loyal to our successful investment strategy”. In the words of Joaquín Félix, Manager of Alnut, “the collaboration between Foodiverse and DeA Capital Alternative Funds will enable the business to continue to evolve with continual investment, strengthening the pillars of food safety, quality and development of the teams, whilst adhering to our commitment to the environment and innovation”.

Foodiverse has been advised by Banco Sabadell and Pérez-Llorca Abogados, and DeA Capital Alternative Funds with the advice of DC Advisory, Herbert Smith Freehills, PwC, Roland Berger, Marsh & Ramboll.

Taste of Italy 2 is a private equity fund reserved for institutional investors, which has 330 million euros of subscribed capital and is managed by DeA Capital Alternative Funds SGR S.p.A. The fund invests in leading Italian and Spanish companies in the food and drink industry, as well as in the supply chain of such services. DeA Capital Alternative Funds SGR S.p.A., founded in December 2006, is wholly owned by DeA Capital S.p.A., a company in the De Agostini group. It acts as the main independent asset manager in Italy, with over EUR 5 billion of managed assets.

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EFA News - European Food Agency