Alto Partners sells Trevisanalat via trade sale

Amedeo Goria
18 October 2016

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Italian buyout house Alto Partners has divested cheese manufacturer Trevisanalat to larger corporate Gruppo Sabelli.

As part of the deal, the company's management team will retain a minority stake in the business. According to local press reports, the merger will generate the largest producer of mozzarella in Italy, with a turnover of €120m.

Italian lenders Banca Imi and BNL BNP Paribas provided a debt package to support the transaction.

The GP held the business via its 2005-vintage Alto Capital II vehicle. According to a source close to the GP, the vehicle still retains in its portfolio the production plant of Italian plumbing business Rubinetterie Toscane Ponsi, following the recent sale of the company's operational branch. More recently, the GP sold construction materials specialist Diquigiovanni via a trade sale in May 2016.

Previous funding
Alto acquired a 77.2% stake in Trevisanalat in March 2012, following the retirement of four out of five of the company's founders. The remaining founder re-invested to acquire the remaining 22.8% share.

The deal was reported to value the business at €51m EV, which equalled 12.5x the company's €4.1m EBITDA value in 2010.

Company
Founded in 1980, Trevisanalat is based in Resana, in the Italian region of Veneto, and also has a presence in Vipava, Slovenia. The business produces 13,000 tonnes of mozzarella and exports primarily in Italy via its brands Trevisanalat, Bianca Bella, Biancamore, Buon Sapore, Campesina, Dei Prati and ProntiBianchi Via.

The company is understood to employ a staff of 90 and posted a turnover of €57.7m with a €4.2m EBITDA and €3.3m of net debt in 2015.

People
Alto Partners – Stefano Scarpis (founding partner, chair).
Trevisanalat – Daniele Gheno (chair, CEO).
Gruppo Sabelli – Simone Mariani, Angeli Galeati (CEOs).

Advisers
Vendor – Banca Euromobiliare (M&A); Gattai Minoli Agostinelli Partners (legal).
Buyer – Oaklins Arietti (corporate finance); DLA Piper (legal).
Debt – Simmons & Simmons (legal).