Unigrains backs Sfoglia Torino's build-up strategy

Following the recent acquisition of its competitor Righi, Sfoglia Torino has fully acquired Idea Quick to further consolidate the Italian frozen puff pastry sector.

As part of the deal, the GP supported the purchase by injecting an undisclosed amount of growth capital and acquiring a 30% stake in the group.

The deal is Unigrain's second investment in Italy. According to a source familiar with the situation, the GP is keen to remain a minority shareholder in the business.

Following the two recent acquisitions, Sfoglia Torino expects to generate €30m in sales and aims to expand its presence across the Italian market. It will also expand internationally through additional bolt-on acquisitions.

Debt
French bank Crédit Agricole Cariparma supported the acquisition acting as sole lender.

Company
Established in 1978, Sfoglia Torino is headquartered in Buttigliera d'Asti and produces frozen puff pastry for food retailers.

According to a statement, Sfoglia Torino generated €11m in revenues in 2016, a 10% uptick compared to the previous year. Prior to the latest acquisition, the company had 60 employees.

People
Sfoglia Torino – Enzo Perrino (CEO).
Unigrains – Francesco Orazi (managing director); Alfredo Cicognani (investment director).
Idea Quick – Francesco Schavinato (CEO).

Advisers
Equity – Gitti & Partners (legal); Grant Thornton (corporate finance); Bernoni Grant Thornton (tax).
Company (Sfoglia Torino) – Studio Legale Franco Baudino e Associati (legal); Studio ASC Servizi (financial due diligence, tax).
Company (Idea Quick) – Studio Legale Lombardi Segni & Associati (legal); Studio Commercialistico SLEC (tax).
Debt – Di Tanno & Associati (legal).

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• Topics
• Expansion
• Consumer
• Southern Europe
• Italy
• Build-up