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Neuberger Berman exits Rigoni di Asiago

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PE firm Neuberger Berman has sold its 35.5% stake in Rigoni di Asiago, an Italian organic confectionery and honey producer, to Kharis Capital.

The deal was valued at around €39.9m, including €17.4m in proceeds for Neuberger Berman subsidiary NB Aurora.

In addition to Neuberger Berman's holding, Kharis also acquired a minority stake from the Rigoni family holding Giochele, reaching a total ownership of 42.7%, while Giochele retained the remaining 57.3% holding.

Kharis, which acquired the company via its Luxembourg-based company KC Next Food, will carry out the deal entirely with its own resources, and will also subscribe a €10m capital increase after completion.

Previous funding
Fondo Italiano d'Investimento (FII) invested €14m in Rigoni di Asiago, acquiring a minority stake in the company through a capital injection and a convertible loan, in 2012.

The entire FII portfolio was bought by Neuberger Berman in December 2017 in a deal that marked the second major direct secondary investment made by the firm in Italy, following the 2015 spin-out of Intesa Sanpaolo's private equity division.

NB Aurora acquired 44.55% of the FII portfolio owned by Neuberger Berman in May 2018. The stake acquired by NB Aurora comprised minority holdings in 17 Italian SMEs, including Rigoni d'Asiago.

Company
Founded in 1923 and based in Asiago, Rigoni specialises in manufacturing organic jam and honey, and commercialises its products under the FiordiFrutta, Nocciolata and Mielbio brands. The company has three production facilities, including a new plant recently opened in Albaredo d'Adige.

People
NB Aurora – Francesco Sogaro (managing director).
Kharis Capital – Daniel Grossmann (managing partner).

Advisers
Company – Corus Corporate Finance (financial due diligence); Simmons & Simmons (legal).
Acquirer – Chiomenti (legal).
Vendor – Studio Legale Lombardi Molinari (legal); Studio Legale Spinazzi Azzarita Troi Genito (legal); Banca IMI (financial due diligence).

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