Information on the Target

Bertolli is a renowned Italian brand with a rich heritage dating back to 1865. Founded by Francesco and Caterina Bertolli in Lucca, Tuscany, the original delicatessen shop offered local specialties like olive oil, wine, cheese, and olives. Bertolli made significant strides by exporting these products to Italian immigrants in America, followed by Canada and Australia, establishing itself as one of the earliest exporters of olive oil in the world. The brand not only pioneered in oil exports but made substantial investments in marketing, focusing on the integral role of quality Italian cuisine.

Today, Bertolli represents authenticity and a solid brand foundation, with significant potential for expansion in the market due to its established reputation and legacy.

Industry Overview in the Target’s Specific Country

The food and grocery industry in the Netherlands and Belgium is characterized by its dynamic growth and consumer demand for high-quality products. The increasing popularity of Mediterranean cuisine has led to a surge in demand for authentic brands like Bertolli, which resonates with health-conscious consumers looking for quality and flavor.

In recent years, both countries have seen a rise in private label products, creating a competitive environment for established brands. However, there remains a strong market for authentic brands that offer unique flavors and quality, driven largely by consumer preferences for transparency and quality ingredients.

Furthermore, the shift towards e-commerce in the food sector has transformed how products are marketed and distributed. Companies that adapt to these changes, focusing on digital engagement and efficient distribution channels, are well-positioned for success. With a commitment to innovation and quality, the Mediterranean food sector continues to thrive.

Statistics show a consistent increase in the sales of Mediterranean foods in the region, indicating favorable market conditions for the expansion of brands like Bertolli. The alignment of Bertolli's product offerings with current consumer trends suggests a strong opportunity for growth in this sector, making it an attractive landscape for investment.

The Rationale Behind the Deal

The acquisition of Bertolli by Enrico-Glasbest, led by experienced managers Aleks Fiege and Jet van Koten, aligns with the vision of enhancing the brand's presence and quality. They see considerable opportunities for growth through increased investment in marketing, innovation, and product quality, which will ultimately lead to the brand's revitalization in the market.

By partnering with Enrico-Glasbest, a company already distinguished in the food sector, Bertolli gains access to an infrastructure that is prepared for scale and enhanced brand management, paving the way for its growth trajectory.

Information about the Investor

Victus Participations is an independent investment firm that specializes in the Food & Agri sector. Established in 2017, Victus focuses on investing in small to medium-sized companies with ambitious growth plans, supported by seasoned management teams. Its network within the industry sets it apart from conventional private equity funds, drawing on sector-specific expertise to help drive growth in its portfolio companies.

The firm's fund, Victus Participations I, has a size of €90 million and holds six investments across the Netherlands and Belgium, underscoring a strategic focus on food and agricultural businesses poised for growth.

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The acquisition of Bertolli by Enrico-Glasbest has the potential to be a strategic move with significant upside. Given Bertolli's rich heritage and brand recognition, coupled with Enrico-Glasbest's established market presence and operational capabilities, this deal appears well-positioned to capitalize on growth opportunities in the Mediterranean food sector.

The emphasis on innovation and quality by the new management team should enhance Bertolli's competitive edge, especially in a marketplace that increasingly favors premium products. Moreover, the lack of personnel transfer and production relocation suggests a streamlined integration process that minimizes operational disruptions.

While the transition period remains a critical phase in ensuring a smooth handover from Unilever to the new management, the expertise of the team and their commitment to fostering growth is promising. Overall, this acquisition could lead to increased market value for Bertolli, provided the strategic plans are effectively implemented.

In conclusion, this investment by Victus Participations in the acquisition of Bertolli presents a compelling opportunity, reflecting a well-considered strategy to revive and expand a beloved brand in an evolving market landscape.

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