Information on the target
Riello Investimenti SGR, through its Buy&Build Opportunities private equity fund, has acquired a majority stake in Italsur Srl, an Abruzzo-based company specializing in the production and commercialization of frozen vegetable-based foods. The control was transferred by the Tullii family, the founders of the company, currently led by brothers Carmine and Andrea Tullii, who previously held a 42.61% stake. Clara Budiani, who owned 14.78%, sold her shares as part of a transaction that resulted in Riello acquiring 100% of the shares through a series of corporate entities, with Frozen Merge Srl being the primary entity involved.
The acquisition is supported by a financial package organized and structured by BPER Corporate & Investment Banking, which acted as global coordinator, bookrunner, mandated lead arranger, and agent bank, alongside Banca Sella as the financing bank. The specific amount of the financing lines and the overall transaction value have not been disclosed. Riello Investimenti has not commented on inquiries from BeBeez regarding the deal. The firm received advisory support from various entities, including BPER Corporate & Investment Banking for M&A advisory, Alvarez & Marsal for financial and payroll due diligence, PedersoliGattai for legal and tax aspects, AGFM Advisory for business due diligence, and ERM for environmental due diligence. Italsur was advised by KPMG Corporate Finance for financial advisory, attorney Gaetano Biocca for legal matters, and Studio La Croce for tax issues.
Industry overview in the target’s specific country
The Vegan & Vegetarian Food Manufacturing industry in Italy has experienced significant growth in recent years, driven by increasing consumer awareness regarding health, sustainability, and ethical considerations surrounding food production. The Italian market has seen a surge in demand for plant-based products, with consumers increasingly opting for healthier and more environmentally friendly alternatives to traditional meat and dairy products. This trend is reflected in the rising number of vegan and vegetarian restaurants, as well as the expansion of plant-based offerings in supermarkets and grocery stores across the country.
Italy's rich agricultural heritage provides a strong foundation for the Vegan & Vegetarian Food Manufacturing sector. The country is known for its diverse range of vegetables, grains, and legumes, which are essential ingredients in plant-based food production. The geographical diversity of Italy allows for the cultivation of a wide variety of crops, enabling manufacturers to source high-quality raw materials for their products. Additionally, the Italian government has been supportive of initiatives aimed at promoting sustainable agriculture and reducing the environmental impact of food production.
Moreover, the COVID-19 pandemic has accelerated the shift towards plant-based diets, as consumers have become more health-conscious and focused on boosting their immune systems. This has led to an increase in the availability of vegan and vegetarian products in both retail and foodservice channels. The rise of e-commerce has also played a crucial role in expanding the reach of plant-based products, allowing consumers to access a wider variety of options from the comfort of their homes.
As a result, the Vegan & Vegetarian Food Manufacturing industry in Italy is poised for continued growth, with projections indicating a robust increase in market size over the coming yea…