Investindustrial in exclusivity for Italcanditi

According to press reports, the price offered by the GP is around €280m and the exclusivity period will last until mid-December.

In addition to Investindustrial, private equity firms Stirling Square and Ergon had also placed confirmatory offers. The sale process is run by Lazard and Pedersoli as sell-side advisers.

Italcanditi is controlled by the Goffi family, who founded the company in 1963 and sold a 54% holding in the business to French wine specialist Pernod Ricard in 1998. In 2001, they reacquired the stake and became the sole shareholders in the company.

Subsequently, the Goffi family started an auction process in 2016 to sell the business, valued at the time at around €160m, but the sale fell through.

Based in Pedrengo, near Bergamo, Italcanditi generated EBITDA of around €20m from revenues of €106m in 2017, according to press reports. The company exports its products to 50 countries worldwide and in 2002 launched its new brand Vitalfood.

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• Exclusive