Idea sells majority stake in La Piadineria to Permira

Financial details of the transaction remain undisclosed, though Italian publication Il Messaggero reports the deal values the company at more than €250m. The business is anticipating EBITDA of around €20m in 2017, according to a statement.

Idea's original investment in the company was the first deal made by Idea Taste of Italy, a vehicle dedicated to food and agriculture that held a final close in January 2017 on its €218m hard-cap. The vendor has reinvested in the company as part of the transaction.

Under Idea's tenure, the business undertook a nationwide roll-out and began implementing an international expansion strategy with two outlets opened in France. It has doubled its number of outlets and tripled its turnover over the course of the last four years, according to the statement.

The company will continue to increase its nationwide footprint and will accelerate its international expansion plans under Permira's ownership.

Previous funding
Idea acquired a 70% stake in La Piadineria in May 2015. The GP invested €14m as part of a €30m deal, with the company's management reinvesting for a minority stake in the business.

Company
Founded in 1994, Brescia-headquartered La Piadineria is a fast food chain selling filled piadine, an Italian flatbread. It has 165 sites across Italy, in addition to its two locations in Nice and Marseille, France. According to the statement, the business is anticipating a turnover of €60m in 2017.

People
Idea Capital Funds – Pierluca Antolini (managing director).
Permira – Fabrizio Carretti (head of Italy).
La Piadineria – Donato Romano (CEO).

Advisers
Equity – Cassiopea Partners (corporate finance); Mediobanca (corporate finance); Vitale & Co (corporate finance); Legance (legal); Maisto e Associati (financial due diligence); BCG (commercial due diligence); KPMG (tax).
Company – Lazard (corporate finance); Hilex Avvocati Associati (legal); KPMG (financial due diligence); OC&C (commercial due diligence); LTP Partners (commercial due diligence).
Management – Studio Fiscale Olivari Stefania (legal).

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