Aksia buys Nappi

The GP bought a 65% stake in the company, while the founding Nappi family reinvested in the deal and retained the remainder, Unquote understands.

This is the fourth acquisition inked by the GP via Aksia Capital V, following its investments in dental group Primo, bought from Archimed inOctober 2019; frozen pizza producer Valpizza, acquired in July 2020; and machinery manufacturer Vomm, purchased in August 2020.

Aksia Capital V was launched with a €200m target and held a €100m first close in July 2019. The fund expects to hold an interim closing by the end of the year and hit its target by the first quarter of 2020.

The acquisition of Nappi was supported with a debt package provided by Credit Agricole as lead arranger and a pool of banks which included Banco BPM and Intesa Sanpaolo, Unquote understands.

Nappi has been on the market since June 2020, when the company hired Houlihan Lokey to run the sale. The business attracted the interest of several bidders, including Aksia and other private equity firms such as Riverside, Stirling Square, DeA Capital and Bluegem Capital, according to press reports.

Aksia intends to boost Nappi’s growth, consolidate its market position and bolster its international expansion. Following the deal, CEO Michele Nappi will stay on with the company and maintain his role, while former Montenegro Group CEO Giancarlo Monetti will be appointed as chair.

Company
Headquartered in San Gennaro Vesuviano, near Naples, Nappi specialises in the production of ingredients and semi-finished products for ice cream, yogurt and pastries.

The company also produces a variety of candied fruit, dried fruit and nuts, including maraschino cherries and caramelised hazelnuts, almonds and walnuts.

Nappi operates three production facilities and sells its products in 70 countries worldwide. Unquote understands that the company generated EBITDA of €10m from revenues of €40m in 2019.

People
Askia - Nicola Emanuele, Marco Rayneri (managing partners).
Nappi 1911 - Michele Nappi (CEO).

Advisers
Equity – Studio Legale Gattai, Minoli, Agostinelli e Partners (legal); Studio Legale Giliberti Triscornia e Associati (legal); Studio Legale e Tributario Di Tanno Associati (tax); EY (financial due diligence); Fineurop Soditic (debt advisory); Boston Consulting Group (commercial due diligence).
Company – Houlihan Lokey (corporate finance); Legance Avvocati Associati (legal); Deloitte (financial due diligence); Studio Simonte (tax); Studio Giordano (tax) Ruggero Nunziata (legal).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Aksia Group
• Italy
• EY (Ernst & Young)
• Intesa Sanpaolo
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• Houlihan Lokey
• Fineurop Soditic