Idea Agro, Cleon Capital back Gias

The acquisition was made via a newco, which will be 51% controlled by Idea Agro and Cleon with an equally split ownership.

The vendor, Gloria Tenuta, will stay on with the business and keep her roles of CEO and chair of Gias.

The two GPs intend to consolidate the company's market position in Italy and further boost its international expansion. 

Idea Agro is an €80m private equity vehicle dedicated to the agriculture sector, managed by DeA Capital Alternative Funds.

Company
Founded in 1970 and based in Mongrassano, near Cosenza, Gias specialises in producing vegetable- and cereal-based frozen food.

The company generates annual revenues of around €50m, of which 30% comes from international markets.

People
DeA Capital Alternative Funds – Pier Felice Murtas (managing director).
Cleon Capital – Lorenzo Zambon (CEO).
Gias – Gloria Tenuta (CEO, chair).

Advisers
Equity – Ettore Fieramosca (financial due diligence); Gitti and Partners (legal); EY (financial due diligence); Pirola Pennuto Zei e Associati (tax).
Company – Legance (legal); Grant Thornton (financial due diligence).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• DeA Capital
• Italy
• EY (Ernst & Young)
• Grant Thornton