Riverside buys mineral water specialist Galvanina

The GP bought a stake of around 90%, while Rino Mini and his nephew Andrea Pianini, Galvanina's international sales manager, reinvested in the business and retained a minority stake. Rino Mini will become honorary chair following the transaction.

Unquote understands that Riverside deployed capital from its Riverside Europe Fund V, which closed on $340m in September 2017.

In addition to the equity from the fund, Goldman Sachs Private Capital provided the whole acquisition finance package, while Crédit Agricole provided a revolving credit facility, Unquote understands.

The GP intends to consolidate Galvanina's market position in Italy, bolster its international expansion and enlarge its product offering.

Company
Founded in 1901 and headquartered in Rimini, Galvanina produces mineral water, and traditional and organic soft drinks. The company has three production facilities located in Rimini and Apecchio, and sells its products to a global customer base comprised of retailers, department stores and wholesalers in 35 countries worldwide. Galvanina reported revenues of €59m and EBITDA of around €10m in 2018.

People
Galvanina – Rino Mini (honorary chair).
The Riverside Company – Karsten Langer (managing partner); Rafael Álvarez-Novoa (partner).

Advisers
Equity – Allen & Overy (legal); EY (financial due diligence); Alix Partners (commercial due diligence).

Company – BLF Studio Legale (legal); Miranda Pironi (corporate finance); PwC (financial due diligence).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Riverside
• Italy
• PwC