Investindustrial-backed Italcanditi buys Prodotti Rubicone

The vendor is the company's founder and CEO, Alessandro Cioccolini, who will retain the remaining 30% and continue to lead the business.

The acquisition is part of a buy-and-build strategy pursued by Investindustrial's Italcanditi to further strengthen its position in the industrial and artisanal food markets.

Investindustrial acquired a 70% stake in Italcanditi in January 2019 from the Goffi family, who retained the remainder. The deal valued the company at around €280m.

The GP deployed capital from its Investindustrial VI fund, which held a final close on its €2bn hard-cap in February 2016, three months after launch. More recently, Investindustrial launched its seventh flagship buyout fund, Investindustrial VII, with a €3bn target in February 2019.

Italcanditi specialises in producing candied fruits, marron glacés, fruit-based ingredients and creams for the dairy, pastry and candied fruit sectors. The company employs 400 people and generates EBITDA of around €20m from revenues of approximately €100m.

Company
Established in 1959 and based in Bertinoro, Rubicone is a manufacturer of ingredients for ice-cream and frozen yoghurt, including fruit and dairy bases, flavourings, decorations and toppings. The company exports its products to 70 countries worldwide.

People
Investindustrial – Andrea Bonomi (chair).
Italcanditi – Maurizio Goffi (CEO).
Prodotti Rubicone – Alessandro Cioccolini (CEO).

Advisers
Acquirer – PwC (financial due diligence); Chiomenti (legal, tax).
Vendor – 121 Advisory (corporate finance); Pavia Ansaldo (legal).

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• Topics
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• Investindustrial
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