Investindustrial bets half a billion on La Doria
The Ferraioli family has decided to sell the canned tomatoes giant
After the rumors circulated on Friday (see EFA News article of 24/9/2021), confirmation arrives: the Ferraioli family sells La Doria and the potential buyer is Andrea Bonomi's Investindustrial holding. The Board of Directors of La Doria SpA announced this morning that it had been informed by the shareholders gathered in the shareholders' agreement which includes a shareholding in the Company equal to 63% of the capital, that negotiations are underway with Investindustrial Investment Holdings S.r.l . for the sale of the entire majority stake, and then proceed with the launch of a takeover bid aimed at delisting the company from Angri (Salerno), listed on the Star segment of the Italian stock exchange.
The consideration for the sale was determined on the basis of a valuation of the La Doria shares of € 16.50 each, which represents an investment of approximately € 360 million. To which must be added the resources to rake up the remaining capital on the market. La Doria currently capitalizes on approximately 580 million euros, against a 2020 turnover of 848 million, which makes it, according to company source, the first European producer of preserved legumes, peeled tomatoes and tomato pulp in the retail channel and among the main producers Italian fruit juices and drinks. In addition, the company is also the leading producer in Europe of ready-made private label sauces.
Investindustrial has been granted an exclusivity until 20 October, "the date by which the signing of the binding agreements relating to the transaction is expected".
The Bonomi holding is already active in the food sector, with investments in Della Toffola (beverage machines), Csm Ingrediens, Italcanditi, Comprital (ingredients and semi-finished products for ice cream and artisan pastry). It has also recently acquired control of Guala Closures, one of the main producers of corks and closures for wine and beverages.
The stock of La Doria on Friday closed strongly, at 19.44 euros per share, on the wave of rumors about the operation published by Milano Finanza. Today the stock has collapsed, aligning itself with the price of 16.50 euros per share.
EFA News - European Food Agency