Clessidra exits Acetum via trade sale

According to Reuters, the deal saw the company valued at €300m, which would represent a 14-16x EBITDA multiple. ABF fully acquired the business, including its subsidiaries based in Germany and Austria.

In late 2016, Clessidra became part of Italmobiliare, the Italian investment holding controlled by the Pesenti family.

Previous funding
Clessidra acquired an 80% stake in the business in July 2015. The deal saw the company's founders, Cesare Mazzetti and Marco Bombarda, retain the remaining 20% stake. According to local press reports, the deal was based on a €200m EV.

Company
Founded in 1906, Acetum produces balsamic vinegar, wine and apple vinegars and other condiments. Its main brands include Aceto Balsamico di Modena IGP, Fini and Mazzetti L'Originale. It distributes across 60 countries.

The company is based in Modena and currently has 150 employees. In 2016, it generated €103m in revenues, according to a statement.

People
Clessidra Capital Partners – Matteo Ricatti (managing director); Francesco Colli, Giulio Torregrossa (investment directors).
Acetum – Cesare Mazzetti, Marco Bombarda (founders).

Advisers
Vendor – Goldman Sachs (M&A); GAtti Pavesi Bianchi (legal); Alonzo Committeri and Partners (tax); KPMG (commercial due diligence).

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• Topics
• Exits
• Consumer
• Southern Europe
• Trade sale
• Italy
• Clessidra Capital Partners