PM&Partners chose Vitale & Co and Stamford Partners as its mandated advisors to sell Monviso spa, an italian company active in the production of bread substitutes (specializzata in prodotti sostitutivi del pane (rusks, breadsticks, toasts and biscuits), Il Sole 24 Ore wrote. Some international industrial groups such as US Kellogg’s and Spanish Grefusa have expressed interest for the company.
Monviso is controlled by a fund managed by PM&Partners sgr (95.4%), which bought its stake in 2012 from Alto Capital II, a fund managed by Alto Partners sgr. The remaining stake is owned by Monviso’s ceo Alessandro Manfredi Cusmano and Franco Gribaldi, one of the previous shareholders.
Monviso is active with the Panmonviso brand (a leader in riscks and breaksteaks sector) and reached 36.3 million euros in revenues in 2015 (from 37.7 millions in 2014) with a 7.1 million euros ebitda (from 6.2 million) and a 14.6 millions net financial debt (from 7.2 millions) (see here an analysis by Leanus, after free registration).
Increase in net debt came after the acquisition of the Verona-based Biscotteria Tonon spa, a family business focused on biscuits production (see here a previous post by BeBeez). That deal was financed through a senior lending facility issued by Banco Popolare and Banca Popolare Emilia Romagna.