Alpha sells minority stake in Caffitaly

Following the deal, the GP and the company's founder, Sergio Zappella, will retain a controlling stake in the business as part of a newly created holding company. Local press reports valued the deal at €450m.

Back in March 2017, several private equity fund managers were reported to be interested in the business, including Investindustrial, Advent International, CapVest and Partners Group, according to Italian publication Il Sole 24 Ore.

Previous funding
Alpha acquired a 63% stake in March 2013, while the management team secured the remaining stake. The deal was valued within the €150-170m bracket, unquote" understood at the time.

Company
Headquartered in Bologna, Caffitaly manufactures coffee machines and capsules. The company span out from Saeco Vending in 2004 and claims to generate 80% of its revenues from exports. Currently, it has 350 employees.

According to press reports, the company posted a turnover of €140m in 2015 with €40m in EBITDA and €27.3m in net debt.

People
Alpha Private Equity – Edoardo Lanzavecchia (senior partner).
Caffitaly – Sergio Zappella (founder).

Advisers
Vendor – Lazard (corporate finance); Pedersoli e Associati (legal); Cleary Gottlieb Steen & Hamilton (legal).

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• Topics
• Exits
• Consumer
• Southern Europe
• Partial sale
• Italy