Progressio backs lemon juice producer Polenghi

Unquote understands that Progressio bought a 37% stake in the business from the founding Polenghi family, who owns the remainder.

The GP deployed capital from its Progressio Investimenti III fund, which held a final close on its €250m hard-cap in July 2019, surpassing its €225m target.

Polenghi is the fifth investment made by the fund, following its acquisition of spreads and dried fruits producer Damiano; cruelty-free clothing brand Save the Duck; packaging machinery manufacturer GamPack; and frozen food specialist Gelit.

The company intends to use the fresh capital to consolidate its market position across Europe, further expand internationally - especially in the US - and pursue a buy-and-build strategy via additional acquisitions in complementary sectors and new geographical areas.

Company
Established in 1976 and based in Piacenza, Polenghi specialises in the production of lemon and lime juice for the food industry. The company operates four manufacturing facilities and sells its products in 80 countries worldwide, with a strong presence in France, the UK and the US. It generated EBITDA of €7m from revenues of €60m in 2018, of which 90% came from outside Italy.

People
Progressio - Filippo Gaggini (managing partner); Beatrice Capretti (investment manager).
Polenghi - Giancarlo Polenghi (founder); Marco Polenghi (president).

Advisers
Equity - White & Case (legal); Bain & Co (operational due diligence); Russo de Rosa Associati (tax); EY (ESG due diligence).
Company - Gobbi & Associati (corporate finance); Pedersoli Studio Legale (legal).

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• Topics
• Expansion
• Southern Europe
• Consumer
• Progressio SGR
• White & Case
• EY (Ernst & Young)