Charterhouse buys ice-cream ingredients maker Optima

Amedeo Goria
14 November 2016

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Charterhouse Capital Partners has acquired Optima, an Italian ice-cream ingredients manufacturer based in Rimini, for an undisclosed amount.

According to a source familiar with the situation, the deal marked the company's enterprise value between €350-400m. Following the transaction, the company aims to use the capital injection to expand organically and through several add-on acquisitions.

As part of the deal, the Riverside Company, alongside co-investors Lexington Partners, Parkwood and Intermediate Capital Group, sold their stakes in Optima. The vendors are understood to have fully exited the asset.

According to local press reports, the GP won the auction for the Italian company against several buyout houses, including Permira, Cinven and Carlyle Group. Froneri, a joint venture between Nestlé and R&R, was also reported to have participated in the auction process.

Charterhouse acquired the business via its 10th vehicle, X Fund, which launched in January 2015 with a €3bn target and is understood to have recently closed below that amount. The deal marks the third investment in the Italian market for the GP, after it acquired cheese producer Nuova Castelli in 2014 and more recently sold its portfolio company DOC Generici to trade in March 2016, which represented a realised return of 2.7x and a 39% IRR, says the source.

Debt
According to unquote" sister publication Debtwire, BNP Paribas provided a €230m all-senior loan package to support the transaction.

Previous funding
In February 2014, an investor syndicate led by the Riverside Company, alongside Lexington Partners and Parkwood, acquired an 80% stake in the business from its founder, Giordano Emandatori, who retained a 20% stake in the company.

Company
Established in 1984 and headquartered in Rimini, Optima manufactures ingredients for artisanal ice-cream via its brand Mec3. The business mainly produces pastes, bases, syrups and powders for the ice-cream segment.

According to the source, the company posted €110m in revenues in 2015 with €30m of EBITDA.

People
Charterhouse Capital Partners – Giuseppe Prestia (partner).
Optima – Claudio Riva (CEO).

Advisers
Equity – Fineurop Soditic (corporate finance); Gianni Grippo Origoni Cappelli & Partners (legal); Bain & Company (commercial due diligence); Long Term Partners (commercial due diligence); PwC (financial due diligence); Marlborough Partners (debt advisory).
Vendor – Rothschild (corporate finance); Allen & Overy (legal); Alix Partners (commercial due diligence).