Céréa's Monviso buys Grissinificio Europa

Following the acquisition, bakery goods manufacturer Monviso plans to complement its product offering by adding Grissinificio Europa's brands, boost its sales in the organic segment and consolidate its market position.

Monviso recorded revenues of €36m in 2017 and expects to reach a turnover of €50m by 2022, according to CEO Manfredi Cusmano.

In January 2018, Céréa acquired Monviso from PM&Partners via its Céréa Capital II fund. The transaction was partially financed by mezzanine debt provided by Céréa Mezzanine and Capzanine, and by senior debt from Crédit Agricole-Cariparma and BNL BNP Paribas.

Company
Grissinificio, founded in 1990 by Carlo and Teresa Mosca and based in Guarene, near Cuneo, is a producer of artisan breadsticks, snacks and biscuits. In addition to the traditional brand Grissinificio Europa, the company markets its products under two other names, Osteria Italia and the organic line La Buona Terra.

In 2017, the business generated an EBITDA margin of 20% on revenues of €6.5m, 60% of which came from outside Italy.

People
Monviso – Manfredi Cusmano (CEO).

Advisers
Acquirer – Brera Financial Advisory (corporate finance); Dentons (legal); Grant Thornton (financial due diligence); PwC (tax).

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• Topics
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