Alto exits D&A to McCormick in €85m deal

McCormick wholly acquired the business in a deal consisting of a €50m cash payment, with an additional amount of up to €35m due on the basis of future performance.

The acquisition forms part of the trade buyer's plans to expand its presence in Europe. Based on the initial payment, the transaction values the business at approximately 9x EBITDA.

The sale comes just weeks after Alto fully divested document management and digital imaging business Integra Document Management in a trade sale to Canon Italia.

Previous funding
Alto Partners acquired a 40% stake in D&A through a capital increase via its Alto Capital II fund in March 2010.

Company
Founded in 1880, Florence-headquartered D&A produces food products including condiments, spices and herbs. The business, which employs 120 people, has a turnover of €50m, 80% of which is generated via domestic sales.

People
Alan Wilson is chairman and CEO of McCormick.

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• Topics
• Exits
• Consumer
• Southern Europe
• Italy
• Alto Partners