Idea Taste of Italy contemplates Gelato d'Italia sale

The adviser has already started work on the sale documents, one of the sources said, adding that teasers should be ready at the end of November and will be sent to a mix of private equity firms and strategic investors.

Lincoln was chosen from a shortlist that included Spayne Lindsay, the sources said, as well as Vitale, Fineurop, DC Advisory and Houlihan Lokey, as reported by Mergermarket.

Idea Taste of Italy, Gelato d'Italia, Lincoln and Spayne Lindsay declined to comment.

Bidders for Gelato d'Italia could range from private equity firms like Carlyle, Advent International and CVC Capital Partners, which have backgrounds in the industry, to strategics such as Anglo-Dutch consumer giant Unilever, one source suggested.

The asset will be marketed based on EBITDA of more than EUR 9m for 2022. The company expects EUR 8.5m in EBITDA this year from EUR 62m in revenues.

Taste of Italy, managed by DeA Capital, is selling Gelato d'Italia following unsolicited offers from two financial investors and an industry player, as previously reported.

Recent deals in the space include Italian food company Ferrero's acquisition of a 70% stake in Spain-based The Ice Cream Factory Comaker (ICFC), as well as UK-based frozen foods company Nomad Foods' deal for Croatian ice cream and frozen food producer Ledo from Fortenova Group.

Idea Taste of Italy acquired a stake in Gelato d'Italia – then trading as Indian – from the Olivi family in May 2016 for an undisclosed amount. The company posted a EUR 27m turnover in 2015.

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