Assietta's Naturalia Tantum buys Di-Va

Naturalia bought the company via a newco named Umag. Di-Va's manager, Massimo Gattini, reinvested in the newco and will subsequently hold a minority stake in Naturalia.

Naturalia is a holding company established by Assietta in 2018 to pursue a buy-and-build strategy aimed at creating a pool of Italian businesses with a leadership position in the natural cosmetics industry.

The company already controls cosmetics producers Sanecovit, Bioearth and Effegilab, acquired in March 2017, October 2018 and May 2019, respectively.

Following this last add-on, Naturalia expects to reach revenues of around €30m in 2020; it recorded turnover of €26m in 2019, with EBITDA of €4.5m. The group intends to further pursue its aggregation strategy with additional bolt-ons, and reach revenues of €50m in the coming years.

Naturalia is a portfolio company of the APE III fund. The vehicle, which held a final close on €48m in 2015, invests equity tickets of €3-5m in companies based in the North of Italy with a turnover of up to €30m.

In addition, Assietta is currently investing from the APE IV fund, a €60m vehicle that deploys cheques in the €3-8m range in Italian businesses with high-growth potential. The fund currently holds two companies in its portfolio: mixing systems manufacturer Mix, and food processing machinery producer Sarg.

Company
Headquartered in Cinisello Balsamo, near Milan, Di-Va specialises in the production of cosmetics and food supplements. Its products are sold under its own brands Incarose, DipiùNatura and Annurkap, and under third-party brands.

The company employs 100 staff and generates EBITDA of €2m from revenues of €11m, of which 10% comes from outside Italy.

People
Assietta Private Equity – Dario Savoia (partner).
Naturalia Tantum – Francesco Iovine (CEO).
Di-Va – Massimo Gattini (manager).

Advisers
Equity – KPMG (financial due diligence); DLA Piper (legal).

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