Clessidra's Botter bolts on Mondodelvino

Alessia Argentieri
26 April 2021

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Wine producer Casa Vinicola Botter, a portfolio company of Italian private equity firm Clessidra, has acquired wine specialist Mondodelvino.

The founding Martini family will hold a minority stake in the combined group and continue to be involved in the management of the business.

Following this add-on the group expects to reach revenues of €350m in 2020.

The new group will be led by Massimo Romani, current CEO of Botter, who will also take on the position of CEO of Mondodelvino.

Clessidra intends to further boost the growth of its premium wine platform with additional strategic acquisitions, with the aim of reaching a turnover of around €500m.

Clessidra acquired Botter from DeA Capital Alternative Funds and the founding Botter family in August 2020.

The GP bought a stake of around 70%, while the founding family reinvested and retained the remaining minority. The deal gave the company an enterprise value of around €300m, equal to approximately 10x its EBITDA.

Clessidra had been in negotiations with DeA and the Botter family for the acquisition of the company since February 2020, but the coronavirus outbreak delayed the sale process. The firm also negotiated a financing deal with a pool of banks and debt funds comprising Intesa Sanpaolo, Unicredit, UBI Banca, Banco BPM and Muzinich, according to press reports.

The GP invested in Botter via its €607.3m vehicle Clessidra Capital Partners III. The GP recently launched its fourth buyout fund with a target of €500m and a €600m hard-cap.

The vehicle will deploy equity tickets in the €40-100m range, acquiring majority stakes in profitable companies with high-growth potential, international expansion ambitions, and the potential to become consolidation and acquisitive platforms.

Company
Established in 1991 and headquartered in Forlì, Mondodelvino specialises in the production of red, white, organic and sparkling wines.

The company owns several wine estates across Italy, including Cuvage, Ricossa, Poderi dal Nespoli and Barone Montalto.

The business generates annual revenues of €120m, of which 90% comes from outside of Italy, primarily from the UK, Germany, the Nordic region, Canada and Russia.

People
Clessidra – Andrea Ottaviano (CEO); Francesco Colli (managing director).
Casa Vinicola Botter – Massimo Romani (CEO).

Advisers
Acquirer – Houlihan Lokey (corporate finance); Gattai Minoli Agostinelli & Partners (legal); MN Tax & Legal (legal); EY (financial due diligence); PwC (debt advisory); Bain & Co (commercial due diligence); Alonzo Committeri & Partners (tax).
Vendor – Ceresio Investors (corporate finance); Carnelutti Studio Legale Associato (legal); Rubini Consulenti Associati (tax).