DeA Capital buys ice-cream maker Indian

Amedeo Goria
17 May 2016

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DeA Capital, the private equity arm of Gruppo De Agostini, has acquired a 70% stake in Italian ice-cream producer Indian through its Idea Taste of Italy fund.

As part of the deal, the previous owner, the Olivi family, will continue to manage the firm. The fresh funding has been earmarked to boost the company's international expansion.

According to press reports, Idea Taste of Italy has raised €200m of capital commitments to date. In May 2015, the fund acquired a 70% stake in family-owned La Piadineria, a restaurant chain operator, for €30m.

Company
Established in 1976 and headquartered near Reggio Emilia, Italy, Indian produces ice-cream through several brands, including Gelato d'Italia, Dessert d'Italia, Bottega della Panna and Indianino.

The company generated €27m of revenues in 2015. According to press reports, the company has an enterprise value of €41.5m, including €15m of senior debt and a €5m vendor loan.

People
Idea Capital Funds – Pierluca Antolini, Andrea Bertoncello (managing directors).
Indian – Fabrizio Olivi (chair).

Advisers
Equity – ICP Value (M&A); NCTM (legal); CBA Studio Legale e Tributario (tax).
Vendor – Pedersoli & Associati (legal); PPI (tax).