Donatantonio (United Kingdom) - Dec 2007

unquote
01 December 2007

Tweet
Facebook
LinkedIn
Google plus
Send to

Beringea Ltd has invested £2.8m to support the buy-in, management buyout of Donatantonio Ltd, an importer and distributor of Mediterranean ingredients for the food manufacturing sector. The value of the deal was not disclosed, although it is understood to be in excess of £6m. Venture Structured Finance, a subsidiary of ABN AMRO, provided working capital facilities to support the transaction. Beringea was approached directly by Hurst Morrison Thompson, the adviser to the vendor, regarding a possible acquisition and was attracted to the deal due to the strong growth trends in this area of the food sector and the impressive history of the business, which was founded in 1902. The investor intends to continue the organic growth of the company by developing both its brands and its relationships with food manufacturers and retailers, as well as exploring the potential to expand sales into the consumer market.

Company Donatantonio began life as a Mediterranean retail outlet in central London, catering for a growing Italian population. Since the 1950s the business has concentrated on distribution, supplying food manufacturers with products including pasta, tomatoes and olive oil, in addition to providing speciality retail outlets with branded products including Lupa and Casalinga. Donatantonio is based in Borehamwood and currently employs more than 40 staff.

People Jamie Kennell led the transaction for Beringea and will join the Donatantonio board. Also joining the board will be Steve Asplen and Andrew Lord as CEO and chairman respectively, both of whom have extensive experience in the food services sector. The deal will see current owner Sheila Donatantonio leave the business, although her husband, Vincent Donatantonio, and daughter, Tanya Bedford, will remain with the company and continue to form part of the management team.

Advisers

Equity - AMR International Ltd, Simon Robbins (Commercial Due Diligence)Equity - Gambit, John Jenkins (Financial Due Diligence)Equity - Osborne Clarke, Greg Leyshon (Legal)Management - Hurst Morrison Thompson, Andrew Thomson (Corporate Finance)Vendor - Boyes Turner & Burrows Reading, Philip Tranter (Legal)Vendor - Gambit, Geraint Rowe (Corporate Finance)