Alto Partners acquires bread producer Ro Mar

The deal saw the GP acquire a 70% stake in the business from the founding Semezato family, which will retain the remaining 30% stake at completion of the transaction and will continue to head the business. As part of the deal, Alto directors Tommaso Molinaro and Marco Pellegrino are understood to be joining the company's management board.

Italian lender Banca Popolare di Sondrio provided a senior debt package to support the transaction.

According to a statement, the deal marks the eightgh and last investment for the GP's Alto Capital III vehicle. The fund currently manages a portfolio of seven companies, including waste and food bags producer Virosac, luxury furniture manufacturer IPE-Visionnaire, and dietary and special pastas maker Pastificio di Chiavenna.

Additionally, the GP manages its fourth vehicle, Alto Capital IV, which held a first closing on €103.5m.

Company
Established in 1890 by the Semenzato family, Ro Mar produces sliced bread, bread for tramezzini and loaves under the Semenzato brand for Italian and international large-scale retailers. The company is headquartered in Olmo di Martellago, near Venice.

According to a statement, the business posted €18m in revenues in 2016 and generated 20% of its sales outside Italy.

People
Alto Partners – Tommaso Molinaro, Marco Pellegrino (directors).
Ro Mar – Silvestro Semenzato (chair); Marco Semenzato (CEO).

Advisers
Equity – DVR Capital (corporate finance); Molinari & Associati (legal); Bain & Co (commercial due diligence); Athena Audit (financial due diligence); CH2M (environmental due diligence); Sopabroker (insurance due diligence).

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• Buyouts
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• Alto Partners