Alcedo buys gnocchi specialist Bertoncello

Alessia Argentieri
01 July 2020

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Private equity firm Alcedo has acquired a 70% stake in Italian gnocchi producer Bertoncello.

Unquote understands that the deal gives the company an enterprise value of around €20m.

The GP invested via Alcedo IV, which closed on €195m in May 2016 and is now around 70% deployed. In addition, a debt package to support the transaction was provided by MPS Capital Services.

Alcedo acquired its stake from the company's founders. CEO Fabian Bertoncello, together with his brother Riccardo, reinvested in the business through a family holding and retained a 22% stake. Following the deal, Fabian and Riccardo Bertoncello will maintain their current roles in the company as CEO and production manager, respectively.

The remaining shares were purchased by Stefano Stanghellini, shareholder of Eurochef Italia, a ready meals producer that was acquired by Alcedo in July 2019.

Alcedo intends to support the company's expansion in Italy and internationally, especially in the US, and boost its growth both organically and via new acquisitions. The company has already selected a potential target for a first add-on which is expected to be inked in the coming months.

In addition, Bertoncello plans to increase its production capacity by enlarging its production site, while further developing and expanding its range of products.

Company
Established in the late 90s and based in Romano d'Ezzelino, near Vicenza, Bertoncello specialises in producing potato gnocchi, including stuffed, fresh, pre-cooked and frozen gnocchi.

The company sells its products through a wide network of wholesalers and distribution chains, marketing them under both its own brand and third-party private labels. Bertoncello generated revenues of €18m in 2019.

People
Alcedo – Michele Gallo, Filippo Nalon, Maurizio Tiveron (partners).
Bertoncello – Fabian Bertoncello (CEO).

Advisers
Equity – Law Firm GOP (legal); Adacta Advisory (financial due diligence); LTP (business due diligence); Tauw (ESG due diligence).
Company – Studio SAT (legal).