FAI, Invitalia back Frigomeccanica

FAI and Invitalia bought a 35% stake each, while the founding Di Serafino family retained the remainder, a source close to the situation told Unquote.

Following the deal, the family will continue to lead the company, with Enzo di Serafino as CEO.

FAI deployed capital from Fondo Agroalimentare Italiano I, which held a €55m final close in December 2019. The fund acquires minority stakes in Italian SMEs operating in the agri-food sector that generate revenues of €10-150m.

FAI has completed seven platform deals and 10 add-ons so far. The GP told Unquote that the fund expects to ink at least one or two more deals before ending its investment period. It also plans to complete additional bolt-ons to support the expansion of its portfolio companies.

Invitalia backed Frigomeccanica via Fondo Cresci al Sud, a €250m vehicle dedicated to investments in Italian SMEs based in the south of Italy (Abruzzo, Basilicata, Calabria, Campania, Molise, Puglia, Sardegna and Sicilia), with the aim of supporting their growth and international expansion.

The GPs intend to boost Frigomeccanica's organic growth with the expansion of its sale network and customer base in northern Italy. They also plan to bolster the company's international expansion and pursue a buy-and-build strategy with external growth opportunities able to further broaden the company's product range and market share.

Company
Established in 1973 and headquartered in Mosciano Sant'Angelo, Frigomeccanica is a manufacturer of refrigerated equipment and furniture for ice cream shops, cafes, patisseries, bakeries, restaurants and supermarkets.

The company sells its products under six brands: Frigomeccanica, which offers a full range of ice cream, pastry and bakery refrigerated displays and showcases; Stiltek, which is dedicated to semi-finished components for bar furnishing; Officine 900, which specialises in tailor-made furniture for cafes, bars, bakeries and shops; Sifa, which is dedicated to the bakery and pastry segments; R&C System, which is focused on built-in refrigerated components; and Arredamenti DeBlasi, which specialises in bar furniture and ice cream displays.

Employing 155 staff, the company operates three production facilities located in southern and central Italy.

Frigomeccanica generated turnover of around €20m in 2020, of which more than 20% came from outside Italy.

People
Fondo Agroalimentare Italiano – Francesco Orazi (managing director).
Cresci al Sud – Antonio Riccio (investment director).
Frigomeccanica – Enzo di Serafino (CEO).

Advisers
Equity – Gitti & Partners (legal); Grant Thornton (financial due diligence); Pirola Pennuto Zei & Associati (tax); Goetzpartners (commercial due diligence).
Company – Studio Guerrieri (legal); Studio Catenacci & Associati (financial due diligence).

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• Topics
• Buyouts
• Southern Europe
• Consumer
• Italy
• Grant Thornton