Alcedo acquires ready-meal specialist Eurochef

The vendors are the company's founders, Stefano Stanghellini, Alessandro Cipriano and Franca Raspa. Stanghellini and Cipriano will retain the remaining 16% stake in the business and will maintain their roles within the company, as production-procurement manager and commercial manager, respectively.

The GP deployed capital from Alcedo IV Fund, which closed in May 2016 on €195m. Unquote understands that, following this deal, the vehicle will be 65% deployed. A debt package was provided by Banco BPM to support the transaction.

Alcedo plans to boost the company's growth in Italy and internationally, both organically and through additional acquisitions, and further enlarge its product offering with a wider variety of ready meals. 

Company
Established in 1998 and headquartered in Sommacampagna, near Verona, Eurochef specialises in the production of ready meals, including pasta, rice, meat, fish and vegetarian dishes and desserts, for restaurants, bars, supermarkets and wholesale distribution chains.

Its products are prepared with fresh and seasonal ingredients according to recipes inspired by the Italian tradition and are sold both under Eurochef's own brand Lo Chef a Casa and unbranded for other retailers. The company generates EBITDA of €4.5m from revenues of €19m.

People
Alcedo – Maurizio Tiveron (chair); Michele Gallo, Filippo Nalon (partners).
Eurochef – Stefano Stanghellini, Alessandro Cipriano (co-founders, managers).

Advisers
Equity – GOP (legal); KPMG (financial due diligence); RDRA (corporate finance); LTP (operational due diligence); Tauw (ESG due diligence).
Company – Studio Lambertini & Associates (legal); Studio Firma (legal).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Alcedo SGR
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