Alto Partners exits Ro Mar in trade sale

Alto declined to comment on returns, although a partner told Unquote the outcome was in line with its expectations for the investment.

This is the sixth exit for Alto Capital III, which closed on EUR 100m in 2013. The fund still holds IPE-Visionnaire (luxury furniture), Harbor (natural cosmetics) and Legami (stationery and gift items).

It is also the eighth investment realised in the food sector for the GP, following the divestments of Monviso, Drogheria & Alimentari, Trevisanalat, Dolciaria Val d’Enza, La Suissa, Artebianca and Pastificio di Chiavenna.

Alto acquired a 70% stake in the food products manufacturer in 2017. It bought its stake from the founding Semezato family, which retained the remaining 30% stake at completion of the transaction and continued to head the business. Italian lender Banca Popolare di Sondrio provided a senior debt package to support the transaction.

The deal was the eighth and last investment for the Alto Capital III vehicle. Alto has since invested from Alto Capital IV, which closed on its €210m hard cap in 2018, and the firm announced the launch of its fifth fund Alto Capital V in June 2021.

Company
Established in 1890 by the Semenzato family, Ro Mar produces sliced bread, bread for tramezzini and loaves under the Semenzato brand and private labels for Italian and international large-scale retailers. The company is headquartered in Olmo di Martellago, near Venice.

According to a press report, Ro Mar has an annual turnover of around EUR 20m, two factories and four production lines.

People
Alto Partners - Federico Zaffaroni (director), Stefano Baiardo (senior transaction adviser).

Advisers
Vendor - Vitale & Associati (M&A); Studio Legale Molinari & Agostinelli (legal).
Acquirer - Studio Legale Giliberti Triscornia E Associati (legal).

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