DeA's Taste of Italy exits beverage producer Lurisia

The deal gives the company an enterprise value of €88m, which equates to 16x its 2018 EBITDA.

Coca-Cola, via its wholly owned subsidiary Coca‑Cola HBC Italia, also acquired the stakes in Acque Minerali, Lurisia's holding company, controlled by the Invernizzi family and food company Eataly Distribuzione.

As part of the transaction, Lurisia CEO Piero Bagnasco and Alessandro Invernizzi will remain on the board of directors of Acque Minerali.

DeA acquired a 33% stake in Lurisia in January 2017 from Eataly Distribuzione and the Invernizzi family, which previously owned 50% each. The GP deployed capital from its food- and agriculture-dedicated vehicle Idea Taste of Italy, which held a final close on €218m in 2017, surpassing its €200m target.

Company
Established in 1940 and headquartered in Roccaforte Mondovì, near Cuneo, Lurisia is a producer and distributor of mineral water, sparkling beverages, juices and beers.

The company offers beverages inspired by traditional Italian recipes, including chinotto, gazzosa, aranciata and limonata. The water used in its beverages is sourced from springs located 1,400 meters above sea level in the Monte Pigna. Lurisia sells its products in glass and PET bottles designed by the Italian architecture and design studio Sottsass Associati. 

The company genetared EBITDA of €5.5m from revenues of €22m in 2018.

People
Lurisia – Piero Bagnasco (CEO).
DeA Capital Alternative Funds – Andrea Bertoncello (managing director of Idea Taste of Italy).

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• Topics
• Exits
• Southern Europe
• Consumer
• DeA Capital
• Italy
• Trade sale