Target Information

The French firm Chequers Partenaires, in collaboration with the management team, has successfully acquired 100% of the share capital of Gourmet Italian Food. This company was previously owned by Alcedo SGR through the Alcedo IV fund and by FVS SGR through the Fondo Sviluppo PMI, along with minority shareholders. Gourmet Italian Food is a platform established to consolidate leading companies in the production of high-quality gastronomy and ready-made meals, primarily serving the retail sector, as well as the HoReCa (Hotels, Restaurants, and Catering) sector and B2B operations.

The project Gourmet Italian Food originated in July 2019 when Alcedo acquired a majority stake in Eurochef Italia. Subsequently, in June 2021, Alcedo and FVS combined Eurochef Italia, which is under Alcedo's control, with La Gastronomica, controlled by FVS, thereby creating Gourmet Italian Food. Over the years, the company has successfully expanded through strategic acquisitions, positioning itself as a leader in the Italian market for ready-to-eat meals.

Industry Overview

The Italian food industry is renowned globally for its quality and diversity. The demand for high-quality food products has surged in recent years, driven by consumer preferences for convenience, health, and quality. The ready-meals segment, in particular, has witnessed significant growth as consumers increasingly seek nutritious and convenient dining options. This trend has been instrumental in shaping the competitive landscape of the industry.

Moreover, the food sector in Italy has shown resilience and adaptability, responding effectively to market changes and consumer trends. With a rich culinary heritage and a variety of regional specialties, Italian food brands continue to attract both domestic and international consumers. The synergy of traditional recipes with modern food production techniques has further enhanced the sector's appeal.

Notably, the HoReCa sector is also rebounding, contributing to the continued expansion of businesses like Gourmet Italian Food. In light of changing travel habits and a rise in dining out, the demand for high-quality ready-made meals in restaurants and hotels is on the rise. Companies that can effectively meet this demand are positioned for future growth.

The consolidation trend within the industry is expected to persist, with companies seeking strategic partnerships and acquisitions to enhance their market presence and operational efficiencies. Gourmet Italian Food's growth trajectory aligns well with this trend, solidifying its position as a key player in the Italian food sector.

Rationale Behind the Deal

The acquisition of Gourmet Italian Food by Chequers aligns with the firm’s strategic goal of expanding its portfolio in the food sector. The transaction enables Chequers not only to invest in a high-growth company but also to leverage its operational expertise to further enhance Gourmet Italian Food’s market position. Given the company's impressive growth, which has seen revenue rise from approximately €17 million in 2019 to over €140 million in 2024, the investment is projected to yield favorable returns.

Moreover, the integration of additional acquisitions into Gourmet Italian Food is expected to create significant synergies, enabling the company to improve efficiency, enhance product offerings, and expand its footprint in both existing and new markets.

Investor Information

Chequers Capital is a leading private equity firm specializing in mid-market buyouts across Europe, with a track record of successful investments in France, Italy, and the Benelux region. The firm manages over €3 billion in assets and is recognized for its collaborative approach, working closely with management teams to execute growth strategies. Chequers' expertise in navigating the complexities of the food industry equips them to drive Gourmet Italian Food's growth and consolidation efforts.

By bringing in seasoned business leaders and aligning interests with management, Chequers aims to capitalize on the growth opportunities within the ready-made meal sector and maintain a robust competitive edge in the marketplace.

View of Dealert

Looking at the overall investment in Gourmet Italian Food, it appears to be a sound decision for Chequers Capital. The steady growth and the company's established position within the Italian food market indicate a promising return on investment. With an increasing demand for convenient, high-quality meal options, Gourmet Italian Food is well-positioned to capitalize on this trend.

The previous expansions driven by strategic acquisitions demonstrate the company’s capacity to integrate new brands effectively. This success suggests that further acquisitions could enhance market share and foster innovation in product offerings, making it an appealing prospect for investors.

Moreover, against the backdrop of a recovering HoReCa sector, the potential for Gourmet Italian Food to further penetrate this market creates a strategic advantage that should not be overlooked. Chequers' involvement, with its expertise and resources, can help sustain and accelerate this growth trajectory.

In summary, the acquisition presents itself as a well-timed venture that aligns closely with market trends and consumer preferences in the food industry, enhancing Chequers' portfolio and setting the stage for substantial future growth.

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