Taste of Italy buys land management software specialist Abaco

Abaco founder Alberto Iori will retain the remaining 30% stake and stay on with the company as chair.

The GP deployed capital from its Taste of Italy fund, a food- and agri-business-dedicated vehicle that held a final close on its €218m hard-cap in January 2017 and is now 75% deployed.

The GP will start fundraising for its Taste of Italy 2 fund in the second half of 2019. The new fund is expected to have a target of €250-300m.

The GP intends to support Abaco's growth strategy in the precision agriculture segment, widen its product offering and boost the company's expansion by pursuing an acquisition strategy in Italy and the rest of Europe.

Company
Established in 1990 and headquartered in Mantova, Abaco develops software able to collect, monitor, archive and process geospatial data used in farm and land management, precision agriculture and environmental sustainability.

The company generated EBITDA of €3m from revenues of €9m in 2018, of which 60% came from abroad. It employs 50 staff in its offices based in Italy and the UK.

People
Abaco – Alberto Iori (founder, chair).
DeA Capital Alternative Funds – Andrea Bertoncello (managing director of Idea Taste of Italy).

Advisers
Equity – Gianni Origoni Grippo Capelli & Partners (legal); Bain (commercial due diligence); New Deal Advisors (financial due diligence); CBA Studio Associato (tax).
Company – Ethica Corporate Finance (corporate finance); Hi-Lex (legal).

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