Charterhouse exits cheese specialist Nuova Castelli to trade

The deal values the company at around €300m, which equates to 10x its 2018 EBITDA.

Lactalis also acquired the remaining 20% from the company's founder, becoming Nuova Castelli's sole shareholder.

Charterhouse bought an 80% stake in Nuova Castelli in March 2014 in a deal valued at around €300m. The company's founder, Dante Bigi, retained the remaining 20% holding.

The GP has been seeking a financial partner for Nuova Castelli since March, according to press reports. In addition to Lactalis, several industrial players such as Granarolo showed interest in the sale, as well as numerous financial investors and private equity houses, including Capvest, Oxy Capital and QuattroR.

Company
Founded in 1892 and headquartered in Reggio Emilia, Nuova Castelli specialises in the production of traditional Italian cheese, primarily parmigiano reggiano, grana padano, mozzarella di bufala and gorgonzola.

The company has 16 production sites located in Italy, Poland, Hungary and the US, and markets its products under various brand names, including Castelli, Mandara and Alival. Nuova Castelli generated EBITDA of around €30m from revenues of €460m in 2018, of which 70% came from outside Italy.

People
Charterhouse Capital Partners – Giuseppe Prestia (partner).
Nuova Castelli – Luigi Del Monaco (CEO).

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• Topics
• Exits
• Southern Europe
• Consumer
• Charterhouse Capital Partners
• Italy
• Trade sale