Investindustrial acquires Italcanditi
The target is the leading Italian supplier of fruit-based ingredients for the food and dairy industries
An investment subsidiary of Investindustrial VI L.P. (“Investindustrial”), has signed an agreement to become the majority partner of Italcanditi Spa. The Goffi family, the current sole owner of Italcanditi, remains a key shareholder with 30% of the capital and will partner with Investindustrial. Maurizio Goffi will continue as Chief Executive together with Carlo Parmoli as General Manager, allowing for continuity and a seamless transition to the new ownership. The transaction is subject to customary antitrust approvals and is expected to close in Q1 2019.
Established in 1963, Italcanditi is a leading producer of fruit-based ingredients and creams for the dairy, pastry and candied fruits sectors and is well known for its unique and highly regarded R&D capabilities alongside the quality of its product offering, which currently totals nearly 6,700 recipes. Headquartered near Bergamo (northern Italy), Italcanditi employs 400 people and operates one production plant and has a leading market position in Italy and France, and a growing presence in other European countries. In 2018, the Company is expected to generate revenues of more than €100 million, of which approximately 35% generated outside Italy.
With the international franchise and strong financial backing of Investindustrial and under the leadership of the current management team, Italcanditi will continue to reinforce its R&D and product development capabilities, to accelerate its growth strategy in international markets as well as to pursue strategic acquisitions to further strengthen its positioning in the industrial and artisanal bakery markets.
Andrea C. Bonomi, Chairman of the Industrial Advisory Board, commented: "Italcanditi has a clear leadership position in its sector as a result of its focus on products and recipe innovation, state-of-the-art manufacturing and R&D capabilities, which have allowed the Company to be at the forefront of new market trends and become a trusted and long-standing partner to global food players. Investindustrial is expecting to further develop international expansion opportunities for the company. Italcanditi represents a solid platform to execute a buy and build strategy in the attractive food ingredients market both in the European B2B segment as well as in the fast-growing artisanal channel”.
Maurizio Goffi, CEO of Italcanditi, commented: "The entry of Investindustrial is a significant opportunity to further expand the growth and the European footprint of the company founded by my father 55 years ago. The choice of a partner such as Investindustrial guarantees corporate continuity, new resources and opportunities to further consolidate the leadership of Italcanditi Vitalfood in its relevant markets".
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