Aksia and Alcedo in race for ready-meal producer Richetti

Among financial sponsors still in the race are Alcedo and Aksia, which are both already invested in this industry, the sources said. Fondo Agroalimentare Italiano and Clessidra in the meantime have exited the auction, these sources and a further source familiar with the situation said.

Sellside advisor KPMG will collect binding offers by the end of the first week of May, all the sources said.

Richetti will change hands at a 10x-12x EV/EBITDA multiple, according to one of the sources. As previously reported by Mergermarket, the company has not seen a material impact from the COVID-19 pandemic, while investors’ appetite for assets in this space is strong.

The company will be marketed off an expected EUR 8m in EBITDA for 2022, the sources said. It saw EUR 5m in 2021 EBITDA, as previously reported.

The Richetti family decided to sell the company following the death of the company’s chairman, Giuseppe Richetti, of COVID-19 in March 2021.

Richetti, KPMG, Clessidra and Aksia did not return requests for comment. Fondo Agroalimentare Italiano, Alcedo declined to comment.

Teramo, Central Italy-headquartered Richetti was established in 1994 by the Richetti family and produces dairy snacks, ice-cream biscuits, sandwiches, ready meals, pizza, baked and fried snacks and desserts for the food-service and retail channels, per its website.

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• Southern Europe
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• Alcedo SGR
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