Xenon acquires PanaPesca

According to earlier reports by Italian publication La Repubblica, Xenon was considering investing up to €45m in equity in the company based on an enterprise value of around €90m.

The GP drew capital for the investment from its €184m sixth fund, which typically invests €8-15m.

Debt
Banca Imi led a consortium of banks in providing a debt package to support the transaction.

Company
Founded in 1972 and headquartered in Pistoia, Tuscany, PanaPesca is a producer of refrigerated and frozen fish and seafood. The business generated EBITDA of €12.4m from a turnover of €157.8m in 2017.

Advisers
Equity – Pavia e Ansaldo (legal).
Company – Castelli Panicucci Viti (legal).
Debt – Dentons (legal).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Italy
• Dentons