
Investindustrial's Italcanditi buys Ortofrutticola Del Mugello
Italian candied fruit and marron glacé producer Italcanditi, a portfolio company of private equity firm Investindustrial, has wholly acquired chestnut specialist Ortofrutticola Del Mugello.
The deal is part of a buy-and-build strategy pursued by Investindustrial's Italcanditi to further strengthen its position in the industrial and artisanal food markets.
This add-on follows the acquisition of a 70% stake in Prodotti Rubicone, a manufacturer of ingredients for ice-cream and frozen yoghurt, bought by Italcanditi in September 2019. The vendor was the company's founder and CEO, Alessandro Cioccolini, who retained the remaining 30% in the business.
Investindustrial acquired a 70% stake in Italcanditi in January 2019 from the Goffi family, who retained the remainder. The deal valued the company at around €280m.
The GP deployed capital from Investindustrial VI, which held a final close on its €2bn hard-cap in February 2016, three months after launch.
Italcanditi specialises in producing candied fruits, marron glacés, fruit-based ingredients and creams for the dairy, pastry and candied fruit sectors. The company employs 400 people and generates EBITDA of around €20m from revenues of approximately €100m.
Company
Estabished in 1984 and based in Marradi, near Florence, Ortofrutticola del Mugello specialises in chestnut products, marrons glacés and chestnut-based ingredients for the bakery, confectionery and patisserie segments of the food industry. The company sells its products in 30 countries worldwide.
People
Italcandidti - Maurizio Goffi (CEO).
Advisers
Acquirer - New Deal Advisors (financial due diligence); Chiomenti (legal, tax).
Vendor - Pedersoli Studio Legale (legal).
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