Aliante-backed Morato Pane bolts on two companies

Alessia Argentieri
29 June 2020

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Italian bread producer Morato Pane, which is backed by Aliante Partners, has acquired Roberto Industria Alimentare and the bakery division of Spanish Cerealto-Siro group.

The deals were financed with a debt package provided by Illimity, direct lending specialist Springrowth and Iccrea.

Following these two add-ons, the company expects to further boost its expansion, primarily in France and the UK, and reach revenues of around €250m in 2020, 30% of which ia expected to come from international markets.

Founded in 1989 and based in Altavilla Vicentina, Morato Pane has eight production facilities located across Italy and specialises in producing a wide range of bread products and baked goods.

Aliante initially invested in the business in 2006, alongside Nem Imprese. The deal was made via newco Progetto Pane – 60% owned by the founding Morato family, 25% by Aliante and 15% by Nem. Subsequently, Aliante increased its stake in the company to 55% in 2012.

Company
Founded in 1908 and based in Susegana, near Treviso, Roberto Industria Alimentare produces bread, breadsticks, piadine and savory snacks. It employs 200 staff and generates revenues of around €55m.

Established in 1991 and headquartered in Madrid, Cerealto-Siro specialises in producing biscuits, crackers, pasta, cereals and baked goods. The entire group generated EBITDA of €57m from revenues of €577m in 2019.

People
Aliante Partners – Paolo Righetto, Niccolò Fischer (founding partners).
Morato Pane – Stefano Maza (CEO).
Roberto Industria Alimentare – Gianni Canzian (CEO).

Advisers
Acquirer – Carnelutti Law Firm (legal); Chiomenti Studio Legale (legal).
Vendors – Legalitax (tax); NCTM (legal).