Alto Partners acquires Monviso from 3i
Headquartered in Andezeno, Monviso was founded in 1936 as a producer of
hand-made food for children and diabetics. In the early 70s the company
started to increase its production and also expanded into the
non-dietary food segment. Today, under the brand Panmonviso, the company
ranks at the top of the Italian market far bread substitutes, producing
rusks, breadsticks, gluten-free products, biscuits and croutons. Monviso
has a workforce of 110 and operates through three dedicated
The company has gross revenues of more than €30m and an EBITDA of
approximately 15%. In 2007 the Italian market for bread substitutes
reached approximately €950m and in the last three years the market has
been growing at a significantly higher rate than that of the general
food market (4.1% versus 1.6%). The investors plan to support the
company by improving distribution, in particular in the HORECA sector,
strengthening the presence in important markets such as central and
northeastern Italy, and by assessing strategic acquisitions.
has acquired an 89% stake in Monviso from private equity fund 3i. The
balance is held by the management, led by CEO Massimo Chinarelli, and
the shareholders, Franco Gribaldi and Franco Vitale. The proprietary
deal took two months to complete and represents the sixth investment of
Alto Capital II fund.
Massimo Chinarelli will remain as the company's CEO.
, and Alice Barberini handled the deal for Alto Partners. Lorenzo
Zamboni led for 3i.
Alto Partners buys Rubinetterie Toscane Ponsi
Viareggio-based Ponsi was established in 1948 by four brothers and until
recently was owned by 12 shareholders, children and nephews of the
founders. The company specialises in the manufacture of bathroom taps
and mixers. It has a presence in Tuscany, Emilia Romagna, Umbria and
Lazio while 20% of its sales originate from Greece, The Netherlands,
Germany and the Far East.
Ponsi employs over 70 staff. The backers' plan is to support the
continued growth of the company, to promote M&A activity mostly in Italy
and to improve exports to reach international sales in the range that
sector competitors currently operate (50%) through a more efficient
sales channel and through increased communication and marketing
and Alice Barberini led the deal for
; Visioni and Barberini will join the company's board. Umberto Grazzini
will remain the company's general manager. Davide Ramelli, Gabriele
Colla led the deal on behalf of Interbanca.
Alto Partners expands its stake in Rancilio
has completed a capital increase in traditional manufacturer Rancilio
elevating its stake to 31% and allowing Rancilio to enlarge its stake in
superautomatic machine manufacturer Egro Coffee Systems (ECS).
The remaining 69% stake is held by the founding owners. The deal was
agreed last September at the time of the acquisition by Alto Partners
(October 2007, page 20). The capital increase has served to increase
Rancilio's stake in ECS from 25% to 77%.
The balance will be retained by one of ECS' managers. Founded in
Parabiago in 1927, Rancilio established itself as a traditional
manufacturer of semi and for fully automatic coffee machines for
households and businesses. Represented in Europe, the US and the Far
East, Rancilio current1y employs 133 staff. It expects a turnover of
approximately €35m for 2007. Niederrohrdorf-based Egro Coffee Systems
was founded in 1849 by Castor Egloff. With offices in Switzerland,
Germany and Hong Kong and 80 staff, it reported a CHF 25m turnover in
The investment represents a strategic and unique opportunity for
commercial synergies. Rancilio will direct1y control the fast growing
product category of fully-automated coffee machines, reaching
consolidated revenues of approximately €45m.
and Alice Barberini led the deal for
Alto Partners completes Rancilio buyout
Coffee machine maker Rancilio has sold 16.67% of its share capital to
via a limited auction process managed by KPMG Corporate Finance.
The investors valued the business based on its multiple of earnings and
will support the company's growth via acquisitions in Italy and abroad.
To that end, the GPs may consider underwriting further capital increases.
Upon completion of the deal, existing owners Giorgio, Roberto, Silvia
and Luca Rancilio will own a joint stake of 83.33%. The acquisition is
forecast to close by the end of September. By that time, the GPs will
have decided on the leveraged finance aspects of the transaction.
and Alice Barberini of Alto Partners handled the deal.
Alto Partners buys Caminetti Montegrappa
has acquired a majority stake in Caminetti Montegrappa SpA from the six
founders and managers. The transaction was leveraged by a senior debt
package provided by Veneto Banca.
Upon completion of the MBI, the firm will own 83% of the stove
manufacturer, while three of the founders will hold a 15% stake and
manager Paolo Gai will hold 2%. The company's newly-appointed managing
director will benefit of an incentive plan based upon the cash multiples
of the fund at the time of divestment. According to
, this was a proprietary deal and it was attractive due to the company's
strong brand recognition as a reliable, efficient and sturdy product.
Caminetti Montegrappa was founded in 1976, is headquartered in Pove del
Grappa, on the outskirts of Vicenza, and employs 105 staff. It produces
fireplaces and stoves that are positioned at the high end of the market
in terms of price and quality. Around 85% of the company's revenue is
generated in Italy, while approximately 15% originate from sales in
Germany, Austria, France, Switzerland and the Nordics. The value-adding
strategy will focus on increasing the company's exports and
manufacturing capacity, as well as making improvements in design
features and increasing cost efficiency.
The company expects to post total sales of €24.3m for 2006, an increase
of 30% in relation to the previous exercise.
Raffaele de Courten
and Alberto Trinca of
led the acquisition process of Caminetti Montegrappa. The company's
founders, Erio Piva, Silverio Zanesco and Lorenzo Tognon, will retain
their roles of chairman, vice chairman and sales manager, respectively,
as well as a minority stake in the company.