Investindustrial buys Italcanditi

Alessia Argentieri
11 January 2019

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Investindustrial has acquired a 70% stake in Italian candied fruit and marron glacés producer Italcanditi.

According to press reports, the deal values the company at around €280m, which would equate to 15.5x its 2017 EBITDA.

The Goffi family, sole owner of Italcanditi, will retain a 30% stake in the company and will partner with Investindustrial in the management of the business. Maurizio Goffi will continue to lead the company as CEO, with Carlo Parmoli as general manager, to ensure continuity of the business strategy and a seamless transition to the new ownership.

The GP deployed capital from its Investindustrial VI fund, which held a final close on its €2bn hard-cap in February 2016, three months after launch.

The company plans to use the fresh capital to reinforce its R&D and product development capabilities, accelerate its growth and international expansion, and pursue strategic acquisitions to further strengthen its position in the industrial and artisanal bakery markets.

Unquote reported last November that Investindustrial had gained exclusivity in the sale of Italcanditi, run by Lazard and Pedersoli as sell-side advisers. In addition to Investindustrial, private equity firms Stirling Square and Ergon had also placed confirmatory offers.

Previous funding
The Goffi family sold a 54% holding in the business to French wine specialist Pernod Ricard in 1998. In 2001, they reacquired the stake and became the sole shareholders in the company. Subsequently, the Goffi family started an auction process in 2016 to sell the business, valued at the time at around €160m, but the sale fell through.

Company
Established in 1963 and based in Pedrengo, near Bergamo, Italcanditi specialises in producing candied fruit, marron glacés, fruit-based ingredients and creams for the dairy, pastry and candied fruit sectors. The company exports its products to 50 countries worldwide and in 2002 launched its new brand Vitalfood.

Italcanditi employs 400 people and expects to generate revenues in excess of €100m in 2018, of which approximately 35% from outside Italy. The company recorded EBITDA of around €18m in 2017, according to press reports.

People
Investindustrial – Andrea Bonomi (chair).
Italcanditi – Maurizio Goffi (CEO).