Equinox buys pesto specialist Clas

Equinox invested in the business via its Equinox III fund, which closed on €360m in July 2020. The vehicle targets Italian companies operating in the food, retail, technology and healthcare sectors, generating EBITDA of €4-20m and revenues in the €20-200m bracket.

Following the deal, Clas's current CEO and majority shareholder, Renato Bersano, will become president and continue to hold a 10% stake in the business, while Alessandro Bettini will be appointed as the new CEO. The remaining 10% stake in Clas is held by Cominter, a food packaging company.

The deal is expected to close by the end of January 2021.

Company
Established in 1989 and based in Chiusano, Clas specialises in the production of pesto and sauces for pasta and bruschetta.

The company generated revenues of €40m in 2019, of which 90% came from outside Italy. It expects to reach turnover of €55m in 2020.

People
Equinox – Massimiliano Monti (partner).
Clas – Renato Bersano (CEO).

Advisers
Equity – NCTM (legal); KPMG (financial due diligence); Ludovici & Partners (tax).
Company – Vitale & Co (corporate finance); Munari Giudici Maniglio Panfili e Associati (legal); Deloitte (financial due diligence).

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• Topics
• Buyouts
• Southern Europe
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