DeA Capital buys coffee producer Ekaf Cellini

Following the deal, the founding Pieri family will retain a minority stake in the business and work in partnership with DeA.

The GP plans to consolidate the company's market position in Italy, while boosting its international expansion.

DeA has invested in 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 third deal inked by the fund, following its investment in Italian ready-meal specialist Gastronomica Roscio in November 2020 and its acquisiton of a 60% stake in Spanish food company Alnut in January 2021.

Company
Ekaf Cellini specialises in the production of coffee, primarily powder for espresso machines and coffee capsules.

The company was established in 1946 by the Pieri family as Torrefazione Columbia and subsequently acquired Ekaf in 1990. The Cellini brand was launched in 1996.

Employing 90 staff, the group generates annual revenues of around €40m.

People
DeA Capital Alternative Funds – Pierluca Antolini (managing director, Taste of Italy).
Ekaf Cellini – Giovanni Pieri (president).

Advisers
Equity – Linklaters (legal, tax); EY (financial due diligence); Bain & Company (commercial due diligence); ERM (ESG due diligence); Brera Financial Advisory (debt advisory).
Company – Pirola Corporate Finance (corporate finance); Pirola Pennuto Zei & Associati (legal); Studio Giovanni Giuntoli (commercial due diligence).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• DeA Capital
• Italy