Investindustrial acquires the majority of Eataly
The entry (with 52%) of Andrea Bonomi's holding into Oscar Farinetti's creation has been formalized
The entry of Andrea Bonomi's Investindustrial into the capital of Eataly with a majority stake has been formalized. The financier will acquire 52% of Eataly through its private equity funds: it will do so with a capital increase of 200 million euros and a concomitant purchase of a part of the shares held by existing shareholders for an amount that should be around 140 million euros.
The deal, negotiated a few months ago, allows the group founded by Oscar Farinetti to repay the debt as well as supporting the Italian distribution chain in its continuous expansion at an international level. To sell part of the shares are the historical partners: Eatinvest (Farinetti family) and the Baffigo / Miroglio family while Clubitaly, the vehicle of Tamburi Investment Partners, does not sell. Together, the three shareholders remain with 48% of the capital: Nicola Farinetti, currently CEO, will assume the position of president, the name of the new CEO will be announced shortly.
Clubitaly has announced that at closing, in addition to not selling Eataly shares of which it has about 20%, it will acquire a further stake in the group under conditions that allow it to significantly lower the average book value and will have the right to representation in the board of directors by Eataly.
Eataly was created in 2003 by Farinetti: its markets are characterized by a mix of restaurants and shops, all focused on Italian food and drink. It currently has 44 stores in 15 countries including the United States, United Arab Emirates, Japan and Brazil, with more planned. In the United States Eataly is already active with eight flagship stores and in the Middle East-Asia the group is currently present with 16 franchised stores.
"The capital increase is aimed at supporting Eataly's growth in Italy and in the world, through the expansion of flagship stores on a global scale and through the development of new formats, and to acquire the remaining 40% of Eataly's business in United States", Investindustrial and Eataly say in a note. Eataly, which has its headquarters in Monticello D'Alba (Cuneo, Piedmont), has an expected turnover for 2022 of approximately 600 million euros.
Investindustrial has decades of experience in supporting the expansion of brands with European roots, and above all Italian ones: founded by Bonomi, it has around 11 billion euros under management. In the food sector, the group has recently invested over 2.5 billion euros: in August alone the holding signed two operations in the United States with TreeHouse Foods (Shopping Usa for Investindustrial) and Parker Food Group (Investindustrial / 2. Acquired Parker food group in the USA).
Investindustrial in the food sector is also supporting in Italy the development of La Doria, a European producer of legumes, peeled tomatoes, tomato pulp and fruit juices, and catering, through the Dispensa Emilia restaurant chain.
EFA News - European Food Agency