Davidson Kempner and Afendis take over Gelato d'Italia
The ice cream company was sold by Idea Taste of Italy fund (Dea Capital)
The announcement dates back to last July and now the transaction has been completed: Idea Taste of Italy, a private equity fund specialized in the agri-food sector managed by DeA Capital Alternative Funds SGR, concluded, together with the Olivi family and management, the sale of 100% of the capital of Gelato d'Italia S.r.l. to the American fund Davidson Kempner Capital Management LP, supported in the transaction by Afendis Capital Management Limited.
The company, owned by Idea Taste of Italy since 2016, is a leader in the production of private label ice cream for large-scale distribution and industrial partners with an expected turnover of more than 70 million euros for the year 2022, of which about 35 % made abroad.
Stefano Caspani, Managing Director of Idea Taste of Italy, commented: "Gelato d'Italia is a reality that has proven to be able to grow more than the market thanks to competence, quality and passion, completely changing its production footprint from the point of view to transform itself from "supplier" to "partner" of its customers ".
For his part, Fabrizio Olivi, President of Gelato d'Italia and Director of the Olivi group, added: "The strengthening of our shareholder structure through the entry of a specialized private equity fund such as IDeA Taste of Italy has made it possible to carry out a project important at an industrial and commercial level, which makes us proud and very optimistic for the future development of the company with the new partner, who maintains the goal of making it grow especially at an international level. After 80 years from its foundation, the Olivi family thanks all the collaborators who have contributed to the achievement of this great milestone that will lead Gelato d’Italia towards an international future with great prospects".
For Marco Pellegrino, CEO of Gelato d’Italia, "the path followed in recent years with Dea Capital and the Olivi family has been full of satisfaction and not without major challenges. The results were achieved thanks to an excellent management team, which has been strengthened more and more along the way. With the same team, we are ready to face the new phase with Davidson Kempner and Afendis, guaranteeing the experience and professionalism necessary for successful international growth".
EFA News - European Food Agency