Xenon-backed Panapesca bolts on Il Faro Quality Fish

With Xenon's support, the group expects to increase its turnover, consolidate its market position in Italy and expand its presence across international markets.

Following the deal, Il Faro's founder, Massimo Raffaelli, will stay on with the business as CEO, while Panapesca CEO Fabrizio Paesini will be appointed as president.

Xenon acquired Panapesca in December 2018 via its €184m sixth fund. Banca Imi led a consortium of banks in providing a debt package to support the transaction.

Xenon is currently investing its seventh fund, which closed on €300m in November 2019. The fund deploys equity tickets in the €15-40m range in Italian mid-market companies generating revenues of €30-80m and EBITDA of €2-15m.

Panapesca is a frozen fish producer headquartered in Pistoia, Italy, with production facilities in Morocco and Thailand. The business generated EBITDA of around €12m from a turnover of €150m in 2019.

Company
Established in 2014 and based in Morciano di Romagna, near Rimini, Il Faro Quality Fish is a producer of fish and seafood-based frozen ready meals for retailers, including main courses, salads and sauces.

It also offers thawed seafood, primarily shrimps, prawns, anchovies and squids. Its products are sold to restaurants, bars, hotels, hospital and school canteens, supermarkets and wholesalers.

People
Xenon Private Equity – Danilo Mangano (CEO); Franco Prestigiacomo (managing director).
Panapesca – Fabrizio Paesini (CEO).
Il Faro Quality Fish – Massimo Raffaelli (founder, CEO).

Advisers
Equity – Studio Legale Associato Gelmetti (legal); Studio Associato Ferrini-Tognacci (tax).
Company – Skema (tax).

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