Alto Partners exits Artebianca to trade

Panealba also acquired the remaining stakes owned by the company's founder, Alessandro Rovai, and minority shareholders.

Artebianca was originally acquired by Alto-backed bakery goods specialist Dolciaria Val d'Enza via its €100m Alto Capital III fund in 2014.

Subsequently, Alto sold Dolciaria Val d'Enza to CapVest Equity Partners-owned Irish food group Valeo Food in April 2017, while retaining Artebianca as a portfolio company of Alto Capital III.

Alto Partners is currently investing its fourth fund, which held a final close on its €210m hard-cap in April 2018. The vehicle invests in Italian SMEs generating revenues within the €20-80m bracket, and deploys equity tickets of €15-25m.

The vehicle plans to ink a new deal in Q1 2020 by acquiring an Italian company operating in the industrial sector, Unquote understands.

Company
Established in 1984 and headquartered in Pietrasanta, Tuscany, Artebianca manufactures biscuits. The company generated EBITDA of €1.9m from revenues of €13m in 2019.

People
Alto Partners – Raffaele De Courten (founding partner).
Artebianca Natura & Tradizione – Alessandro Rovai (founder, CEO).

Advisers
Vendor – Vitale & Co (corporate finance); Dentons (legal).

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• Topics
• Exits
• Southern Europe
• Consumer
• Alto Partners
• Italy
• Trade sale