Belgium-based private equity firm Verlinvest is set to sign an agreement to buy a 25% stake in the shareholders capital of Mutti, the high-end quality tomato sauce leader in Italy, active also in ready-to-eat pasta sauces.
Verlinvest is a private equity sponsored by the Spoelberch and Méviuon families, among principal shareholders of brewery giant AB-InBev. The fund is advised for the deal by financial advisor Lazard and Eversheds law firm.
Mutti had been looking for a partner since october 2015 when it selected its advisors in order to choose the right way to finance the development of the business, including a potential ipo (see here a previous post by BeBeez).
In March 2015 CA Agro-alimentare (an Italian private equity veichle sponsored by Crédit Agricole and managed by Idia-Sodica Italia) sold back its 5% stake in Mutti to the company’s owner Francesco Mutti, after having been invested in the company for 5 years.
In June 2015 Mutti announced a company structure riorganization, creating a parent holding, Red Lions, controlled by the Mutti family and controlling Mutti spa and all its subsidiaries Mutti Food India, Mutti France e Fiordagosto.
The deal value has not been disclosed by the company has been posting good figures in the last few years. Red Lions reached 191 million euros inc onsolidated revenues in 2014, that became 205 millions in 2015 and is expected to reach 245 millions this year. The company also posted 27.5 million euros in ebitda in 2015 (from 26.6 millions) and a net profit of 14 millions (from 13.2 millions), having a net financial debt of 23.8 millions (from 18.2 millions) (see here an analysis by Leanus, after free registration and login).