Progressio buys spreads and dried fruits maker Damiano

Unquote understands that the GP bought a 67% stake, while Damiano CEO Riccardo Damiano retained the remaining minority. He will continue to lead the company, while food sector specialist and manager Michel Klersy will become a member of the company's board to support the management.

The GP deployed capital from its Progressio Investimenti III fund, which held a final close on its €250m hard-cap in July 2019. Damiano is the fourth investment made by the fund, following its acquisition of cruelty-free clothing brand Save the Duck; packaging machinery producer GamPack; and frozen food specialist Gelit.

In addition to the equity drawn down from the fund, a debt package was provided by Mediocredito as mandated lead arranger.

The GP intends to boost the company's international expansion, especially in France and the US (where the business already has a strong presence), enlarge its customer base with new partnerships and pursue a buy-and-build strategy to strengthen and expand Damiano's product offering and market penetration.

Company
Established in 1964 and based in Torrenova, near Messina, Damiano specialises in the production of organic almond, pistachio, peanut and chocolate spreads, chocolate-coated almonds, hazelnuts and dried fruits for the food industry. The company has a turnover of around €45m, of which 80% comes from abroad, primarily France, Germany and the US.

People
Progressio – Filippo Gaggini (CEO); Alessandro Petraccia (partner); Massimo Dan (investment manager). 
Damiano – Riccardo Damiano (CEO).

Advisers
Equity – Legance (legal); Russo de Rosa Associati (tax); PwC (financial due diligence); EY (environmental due diligence); Long Term Partners (operational due diligence); Fineurop Soditic (debt advisory).
Company – Emintad (corporate finance); Grimaldi (legal).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Progressio SGR
• Italy
• PwC