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Aksìa-backed CRM bolts on Gastone

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Aksìa Group-backed Casa Della Piada CRM (CRM), an Italian baked goods producer, has acquired piadina specialist Gastone.

Unquote understands that the GP deployed fresh capital from its fourth fund to finance this add-on.

With this bolt-on, the GP expects to consolidate CRM's position in the baked goods market and enhance its product offering with new traditional products.

Aksìa wholly acquired Modena-based CRM in March 2018; the company specialises in making traditional Italian baked goods such as piadine, tigelle, sfogliatelle and focaccine.

The GP deployed capital from its Aksìa Capital IV fund, which held a final close in April 2016 on €108m and has so far invested 70% of its capital. The vehicle targets companies with a turnover of €20-150m and intends to make a new investment in the coming months, Unquote understands.

The transaction was supported to the tune of 60% by equity, and a bond issued by Aksìa and wholly underwritten by Equita Private Debt Fund (which also invested directly for a total of €7m); the remaining 40% of the transaction was funded by a debt package provided by Banca Ifis.

The investors bought the company via a newco named New Flour, which is 94% owned by Aksìa and 6% by Equita. CRM generates turnover of around €22m, with a 20% EBITDA margin.

Aksìa recently held a first close on €106m for its fifth fund, Aksìa Capital V, which was launched in February 2019 with a €200m target.

Company
Founded in 1965 and headquartered in Ravenna, Gastone specialises in producing traditional Italian flatbread known as piadina as well as savory snacks and baked goods. The company markets its products under its own brand and other Italian retailers' brands. It generated revenues of around €4m in 2018.

People
Aksìa Group – Marco Rayneri (CEO).
Casa Della Piada CRM – Renzo Montagnani (CEO, founder).

Advisers
Equity – Accinni Cartolano Studio Legale (legal); EY (tax).

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