Aksìa buys bakery CRM

The transaction was supported to the tune of 60% by equity and a bond issued by Aksìa and wholly underwritten by Equita Private Debt Fund, which also invested directly for a total of €7m; the remaining 40% of the transaction was funded by a debt package provided by Banca Ifis.

The investors bought the company via a newco named New Flour, which is 94% owned by Aksìa and 6% by Equita.

A new management team selected by Aksìa will lead the company and support its international expansion, while the Montagnani family, which founded and led the business for more than 40 years, have sold their entire stake.

With the fresh capital, CRM plans to consolidate its position in the Italian market, grow organically and expand internationally.

To support the transaction, the GP deployed capital from its Aksìa Capital IV fund, which held a final close in April 2016 on €108m and has so far invested 70% of its capital. The vehicle targets companies with a turnover between €20-150m and intends to make a new investment in the coming months, Unquote understands.

Company
Founded in 1974 and based in Modena, CRM specialises in making traditional Italian baked goods such as piadine, tigelle, sfogliate and focaccine. The company, which employs 30 people, recently built a new facility that will allow the business to double its annual production and expand internationally. In 2017, CRM generated a turnover of €20m, with a 20% EBITDA margin.

People
Aksìa Group –  Marco Rayneri (partner).
CRM – Renzo Montagnani (CEO, founder).
Equita – Paolo Pendenza (fund manager).

Advisers
Equity – Studio Accinni Cartolano e Associati (legal); Studio Legale Tributario Russo De Rosa Associati (tax); EY (commercial due diligence).

Company – Studio Legale Previdi e Associati (legal).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Italy
• EY (Ernst & Young)