DeA Capital buys Gastronomica Roscio

Alessia Argentieri
11 November 2020

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DeA Capital Alternative Funds has acquired a majority stake in Italian ready meal specialist Gastronomica Roscio.

Crédit Agricole and Intesa Sanpaolo provided a debt package to support the acquisition.

The founding Roscio family will retain a minority stake in the company and Francesco Roscio will stay on with the business as president, with a specific focus on product development.

This is the first deal inked by the GP via Taste of Italy 2, a vehicle dedicated to the food industry that recently held a final close on €330m.

The fund invests in Italian and Iberian companies operating in the food and beverage sector, across its entire value chain, from food and wine producers to manufacturers of food packaging machinery. It deploys equity tickets of €20-40m, and primarily targets majority and controlling stakes in mid-market companies, generating EBITDA in the €5-20m range.

DeA Capital plans to support Gastronomica Roscio in consolidating its market share in Italy, boosting its international expansion and growing its customer base and network of partnerships. In addition, the company will also consider add-on acquisitions, with the aim of pursuing a consolidation strategy able to further strengthen its market position.

Company
Established in 1961 and based in Vidigulfo, Gastronomica Roscio specialises in the production of frozen and fresh ready meals for restaurants, supermarkets and retailers.

The company generated EBITDA of €5m from revenues of €29m in 2019.

People
DeA Capital Alternative Funds – Andrea Bertoncello (managing director of Taste of Italy 2).
Gastronomica Roscio – Francesco Roscio (president).

Advisers
Equity – Brera Financial Advisory (corporate finance); NCTM (legal); KPMG (financial due diligence); ERM (ESG financial due diligence compliance).
Company – PwC (corporate finance, financial due diligence, legal, tax).