CapVest’s Valeo buys Dolciaria Val d’Enza from Alto

The deal provides an exit for Alto Partners' third vehicle, Alto Capital III, and the company's CEO, Stefano Meloni. According to a statement, Alto reaped a 42% IRR from the investment.

Prior to the deal, Alto acquired Artebianca Natura e Tradizione, which will remain part of the GP's portfolio, from Dolciaria Val d'Enza. Artebianca was only acquired by Dolciaria Val d'Enza nine months ago. According to press reports at the time, Artebianca generated €10.2m in revenues in 2015, with €2.8m EBITDA and €500,000 in debt.

The deal is the second acquisition in the Italian market for the Irish corporate. In May 2015, it acquired cakes and sweet snacks manufacturer Balconi from Clessidra – owner of an 80.2% stake – and the founding Balconi family in a a €230m EV deal, according to reports.

According to a statement, Valeo posted €700m in revenues in 2016 and currently manages 20 brands within its group.

Previous funding
In July 2007, Natexis Cape acquired a 34% stake in Dolciaria Val d'Enza for €1.5m alongside Italian buyout house Fondamenta, which has since merged with Quadrivio.

In 2011, the company was put under emergency administration by the Bank of Italy due to regulatory violations and administrative irregularities. Alto subsequently participated in a capital increase transaction for the business, acquiring a 41.88% stake in December 2013, while the management team retained the controlling stake.

More recently, the GP increased its holding to 96.6%.

Company
Headquartered in Canossa, near Reggio Emilia, Dociaria Val d'Enza produces baked cakes.

Established in 1977, the company generated €18.3m in revenues in 2016, while in 2015 it posted a turnover of €14.4m with €2.25m EBITDA, according to local press reports.

People
Alto Partners – Tommaso Molinaro (director); Mario Visioni (partner).

Advisers
Vendors – Vitale & Co (corporate finance); Dentons Europe Studio Legale Tributario (legal).

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• Topics
• Portfolio management
• Exits
• Consumer
• Southern Europe
• Build-up
• Italy
• Alto Partners
• CapVest Equity Partners