DeA Capital buys machinery manufacturer Turatti

The founding Turatti family retained the remainder, alongside the company's key managers, who reinvested in the business for a 1% stake.

DeA Capital intends to strengthen Turatti's market position and further accelerate its growth in Italy and abroad.

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. The fund is now fully deployed.

DeA Capital recently launched Taste of Italy 2, a buyout fund with a €250m target and €300m hard-cap, also entirely dedicated to the agri-food sector. The fund will deploy equity tickets of €20-40m and primarily target majority and controlling stakes in mid-market companies headquartered in Italy and Spain, generating EBITDA in the €5-20m range. It expects to hold a first close by June 2020.

Company
Founded in 1869, Turatti specialises in designing and manufacturing food processing machinery for washing, cutting and drying fresh fruits and vegetables.

The company is headquartered in Cavarzere with two additional branches in Salinas, California, and Hanoi, Vietnam; it employs 100 staff. It generated revenues of €22m in 2018, of which 80% came from outside Italy.

People
Taste of Italy – Pierluca Antolini (managing director).

Advisers
Equity – Giovannelli e Associati (legal); Goetz Partners (commercial due diligence); PwC (financial due diligence); Spada Partners (tax); UBI Banca (corporate finance).
Company – Pirola Corporate Finance (corporate finance); Studio Pirola Pennuto Zei (legal, tax).

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• Topics
• Buyouts
• Southern Europe
• Industrials
• DeA Capital
• Italy