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Nb Aurora invests in Farmo

Partnership aimed at international support and the launch of new products

Nb Aurora SA Sicaf-Raif, listed in Italy on the Miv-professional segment market organized and managed by Borsa Italiana SpA, with the aim of acquiring stakes in unlisted Italian SMEs of excellence, announces that it has signed a binding contract for the purchase , with its own means, of a minority share equal to 47% of Farmo, a family business that revolutionized the gluten-free sector in Italy twenty years ago, becoming the leading exporter to the USA and Canada. The remaining 53% of the capital will remain in the hands of the founding family which sees Remo Giai at the helm as president and his son Andrea Giai Ad.

It is precisely Remo Giai who in 2000 decided to direct the company towards a sector that was still a niche in those days and manned by gluten-free products available only in pharmacies. Farmo produces entirely in Italy at the 20,000 m2 production site in Casorezzo, in the province of Milan, and covers the entire value chain, starting with the research, development, production and distribution of its foods. Initially concentrated on the Italian market, the business has now expanded to international business through private label products with over 65% of sales in the US and Canada and 30% in Europe. In 2020 the company, which has 80 employees, achieved revenues of approximately Euro 20 million, approximately 35% more than the previous year.

The objective of the strategic partnership with Nb Aurora is to give further impetus to the R&D activity, which already sees 5% of the annual turnover invested, and to further expand in European countries and North America. Farmo is the tenth investment of Nb Aurora since its listing and the fourth after the completion of the capital increase closed in November which brought the raised capital of the company listed on the Miv to approximately Euro 245 million to be invested in Italian companies of excellence with great growth potential. Prior to the investment in Farmo, Nb Aurora has directly invested more than Euro 268 million to date in eight other Italian companies (in addition to Euro 28 million in co-investments), and made 11 divestments for over Euro 130 million in proceeds that have allowed distribution. of Euro 38 million in dividends.

Farmo's shareholders were assisted by Vitale & Co as financial advisor, by Studio LCA for the legal aspects and by Studio Deiure for the fiscal part. NB Aurora was assisted by Gatti PavesiBianchi Ludovici (legal), Boston Consulting Group (business), Grant Thornton (accounting, tax) and Altis Università Cattolica (Esg).

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EFA News - European Food Agency
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