DeA Capital backs Alnut

Following the deal, food producer and Alnut's current owner Foodiverse will retain the remaining 40% stake in the business.

With this investment, DeA intends to strengthen Alnut's market position, bolster its international growth and boost its innovation capabilities.

The GP backed the company via Taste of Italy 2, which held a final close on €330m in November 2020.

The vehicle is dedicated to investments across the food and beverage industry in Italy and Spain. It deploys equity tickets of €20-40m, and targets majority and controlling stakes in mid-market companies, generating EBITDA in the €5-20m range.

This is the second deal inked by the fund, following its investment in Italian ready-meal specialist Gastronomica Roscio.

Company
Founded in 2010 and headquartered in Carlet, near Valencia, Alnut specialises in the production of baby food (via its brand Byba), primarily fruit, vegetables, meat and fish purées and dairy-based desserts, as well as healthy and organic ready meals and food products (via its brand Sun & Vegs).

The company has recently launched a plant-based product line that includes vegan yoghurt and milk alternatives.

Alnut employs 100 staff and sells its products in 16 countries. It generated turnover of €25.7m in 2019.

The company has been controlled by Foodiverse, a food conglomerate that employs 2,500 staff and generates annual revenues of €324m.

People
DeA Capital Alternative Funds – Gianandrea Perco (CEO); Leopoldo Reaño (managing director).
Foodiverse – Rafael Boix (CEO).
Alnut – Joaquín Félix (manager).

Advisers
Equity – DC Advisory (corporate finance); Herbert Smith Freehills (legal); PwC (financial due diligence); Roland Berger (commercial due diligence).
Company – Banco Sabadell (corporate finance); Pérez-Llorca Abogados (legal).

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