Unigrains' Fondo Agroalimentare Italiano backs Agrimola

A debt package to finance the transaction was provided by Banca Popolare dell'Emilia-Romagna and Mediocredito Italiano.

The company will use the fresh capital to expand its relationships with existing clients internationally, develop new products (including jams, layered fruit yoghurts and baby food), and pursue external growth opportunities as a platform for industry consolidation in the Italian and European fruit transformation sector.

Fondo Agroalimentare Italiano, which held a €40m first close in June, is managed by a team based in Milan and led by director Francesco Orazi. The vehicle acquires minority stakes in Italian SMEs operating in the agri-food sector and generating revenues between €10-150m. The fund inherited two portfolio companies acquired by Unigrains in Italy in 2016 and 2017, Trasporti Romagna and Sfoglia Torino. According to a statement, a fourth transaction is currently under exclusivity and is expected to be finalised soon.

Company
Founded in 1978 and based in Casalfiumanese, near Bologna, Agrimola specialises in producing chestnuts and frozen fruit used in marmalades, desserts, ice-creams and dairy. The company supplies several European supermarket chains and around 50 international distributors. It generated revenues of €36m in 2017, 40% of which came from outside Italy.

People
Fondo Agroalimentare Italiano – Francesco Orazi (director).
Agrimola – Luca Sassi (CEO).

Advisers
Equity – Gitti & Partners (legal); Grant Thornton (corporate finance); Bernoni Grant Thornton (tax).
Company – Studio Legale Celli e Fanti (legal); Ruffilli Servizi Finanziari (corporate finance).

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