Alto Partners exits Pastificio di Chiavenna to trade

The deal gives the company an enterprise value of around €20m, which equates to almost 7x its 2019 EBITDA.

The GP sold its entire 77% stake, while the founding Moro family retained a minority holding of less than 20%.

Alto Partners bought a majority stake in Pastificio di Chiavenna in October 2015, while the Moro family retained the remainder. Banca Popolare di Sondrio provided a debt package to support the acquisition. The GP invested in the business via its third fund, Alto Capital III, which closed on €100m in 2013.

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

Company
Established in 1868 in Chiavenna, near Sondrio, Pastificio di Chiavenna specialises in producing pasta, flour and polenta. Its products are marketed under the Pasta Moro brand, which comprises a wide range of pasta varieties, including Pizzoccheri della Valtellina, which is made with a mix of durum wheat flour and buckwheat flour. 

The company employs a staff of 50 people and generated EBITDA of €3m from revenues of €14m in 2019, of which 40% came from outside Italy.

People
Alto Partners – Raffaele De Courten (founding partner).

Advisers
Equity – Vitale & Co (corporate finance).

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