Investindustrial to reap 2.5x money in Natra sale to CapVest

The transaction, subject to standard closing conditions and regulatory approvals, will see the new owner support the Spanish chocolatier via further organic growth, as well as potential strategic and transformational acquisitions opportunities, according to a statement.

CapVest was reportedly competing with private equity peers Bain Capital and HIG, as well as sovereign fund Mubadala in the Citi-led auction. The deal valued the company at around EUR 500m, the source said.

CapVest, which has a history of investments in consumer, technology and healthcare, registered CapVest Equity Partners V in May 2021, according to Unquote Data. Its 2019 vintage Capvest Equity Partners Fund IV raised EUR 1bn.

Since Investindustrial’s EUR 142.5m take-private deal for Natra in 2019, the Spanish chocolatier embarked on internationalisation, supply chain, digitisation and efficiency improvements, according to a statement.

ESG improvements were also made via energy efficiency, wastewater treatment, waste reduction, health and safety and corporate culture, the source said. Around EUR 200m was invested in the company’s organic growth during Investindustrial’s ownership.

Natra's revenue grew from EUR 380m to more than EUR 500m, while EBITDA increased from less than EUR 40m to EUR 50m during the three-year period, the source said.

Capvest did not return requests for comment by the time of publication. Investindustral declined to comment.

Company
Founded in 1943, Natra is an independent global players in the cocoa industry, operating across the value chain from chocolate ingredients (cocoa derivatives and couvertures) to private label and co-manufacturing of finished goods.

The company is a pure-play B2B manufacturer predominantly for international retailers and major food multinationals. It has a global manufacturing footprint with 6 facilities across Spain, France, Belgium and Canada and employs more than 1,000 professionals with a high focus on R&D to provide tailored solutions to its customers.

People
Investindustrial – Andrea C. Bonomi (chairman of the industrial advisory board).
Natra – Dominique Luna Tudela (CEO).
CapVest – Kristian Nikinmaa (principal).

Advisers
Vendor – Citigroup (M&A), Uría Menéndez (legal), Bain & Company and EY (commercial and financial and tax vendor assistance).

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