Alcedo SGR has acquired a majority stake in Eurochef, an Italian provider of branded and unbranded ready meals. No financial terms were disclosed.
Milan, 26 July 2019 – Alcedo SGR, through Alcedo IV Fund, acquired 68% of Eurochef Italia S.r.l. (“Eurochef”), a company active in the production of its own branded (“Lo chef a casa” or chef at home) and unbranded (for third parties) ready meals with a wide range of products on offer, from main meals such as pasta and rice dishes to meat and fish dishes, ready sauces, vegetable-side dishes and desserts.
Alcedo acquired its participation from the three founders – Stefano Stanghellini, Alessandro Cipriano and Franca Raspa. Stefano Stanghellini and Alessandro Cipriano remain in the company with 16% shareholding each while maintaining their respective roles within the company, in production-procurement and commercial areas.
The company, headquartered in Sommacampagna (Verona), was founded in 1998 from the intuition of Stefano Stanghellini and specializes in the production and sale of pasteurized ready-to-eat meals and deli-counter fresh meals. Over the years, it has established itself as a trusted partner to major wholesale distribution chains, also thanks to the entry of Alessandro Cipriano. Over time, the company continued to differentiate itself through use of the highest quality natural ingredients, in addition to growing its traditional offering by the addition of their vegan and organic lines.
All meals are steam pasteurized and all production processes are performed and managed in-house in a 10,000 sqm state-of-the-art facility to ensure the highest product quality.
Over the years, the company continued to significantly grow its revenues and margins through diversifying its production, its channels to market and developing its own branded meals to complement unbranded meals for deli counters. The forecasted revenue for 2019 is over EUR 19 million.
The shareholders were on the lookout for a suitable financial partner to accompany them in growing Eurochef when they identified Alcedo as the ideal partner to steer the company and strengthen its structures to develop markets in Italy and abroad as well as through acquisitions.
For Alcedo, this acquisition represents the seventh investment made through its Alcedo IV Fund which closed in May 2016 with EUR 195 million in committed capital.
“Eurochef represents a formidable success story in one of the most dynamic market segments in the food sector” explains Maurizio Tiveron, Chairman of Alcedo. “Also through its own brand “Lo chef a casa”, Eurochef quickly built up an excellent market positioning in the ready meals sector thanks to a unique combination of great taste, tradition and practicality that is recognized by its clients and consumers. Alcedo very much looks forward to work alongside the two founders – Stefano Stanghellini and Alessandro Cipriano – to accelerate the growth and internationalization of Eurochef, also through aggregations in a market that is still highly fragmented, but showing many absolute excellences”.
The founder Stefano Stanghellini affirms “Having started from a butcher shop to today, having created a trusted partner for all major wholesale distribution chains in Italy, Eurochef and its brand “Lo chef a casa” have established themselves in a short period of time thanks to the quality and high added value of its products in a fast-growing market, driven by the continuous lifestyle changes of its consumers – increasingly attentive to quality yet with less and less time available for food preparation. Our dishes are always prepared with fresh and seasonal ingredients by our chefs who take inspiration from the best recipes of Italian tradition, giving life to extraordinary ready-to-eat meals. The state-of-the-art production technology, the accurate selection of ingredients and the qualified personnel are the keys to Eurochef’s success.”
Alessandro Cipriano, shareholder, added: “The presence of a strong and strategic investor like Alcedo on our side will increase and accelerate the development of the inherent potential of what is already a true success story. The Italian market is made up of many small companies specializing in a single or a handful of products such as pastas, vegetables and pizzas. We will work to bring together some of these excellent companies to offer our customers an even wider range of products with the highest quality. This will strengthen our position as a trusted partner to major Italian wholesale distribution chains and also support our growth in new sectors, new markets and also abroad.”
At Alcedo, the transaction was conducted by Partners Maurizio Tiveron, Michele Gallo and Filippo Nalon supported by Investment Analyst Gioia Ronchin. The Alcedo team was assisted by Lawyers Renato Giallombardo, Federico Botta and Alessandro Magnifico from Law Firm GOP on legal issues. KPMG worked on the financial and fiscal due diligence, RDRA worked on structuring the transaction while LTP carried out the business due diligence. Tauw carried out the ESG due diligence.
The shareholders at Eurochef were assisted by Lawyers Lamberto Lambertini and Davide Pachera of Studio Lambertini&Associates and by Maurizio Rama of Studio Firma.
Alcedo and the shareholders of Eurochef were assisted by Luigi Attardo Parrinello and Massimo Bertoni during the negotiation phase.
The transaction was financed by Banco BPM S.p.A.. The lending bank was assisted by Lawyers Alessandro Fosco Fagotto and Tommaso Zanirato of Dentons Law Firm.
The transaction was completed with assistance from Notary Giovannella Condò of Studio Milano Notai.
Eurochef Italia S.r.l. is a company active in the production of its own branded (“Lo chef a casa” or chef at home) and unbranded (for third parties) ready meals with a wide range of products on offer from main meals such as pasta and rice dishes to meat and fish dishes, ready sauces, vegetable-side dishes and desserts.
The company, headquartered in Sommacampagna (Verona), was founded in 1998 from the intuition of Stefano Stanghellini and specializes in the production and sale of pasteurized ready-to-eat meals and deli-counter fresh meals. Over the years, it has established itself as a partner for major wholesale distribution chains, also thanks to the entry of Alessandro Cipriano (Sales Manager).
Alcedo SGR is one of the leading players in private equity in Italy and specializes in the management of Closed-End, Reserved Alternative Investment Funds. The company is headquartered in Treviso and for almost 30 years has been dedicated to investments in Italian excellence, with a predominant focus on small and medium-sized businesses in Northern and Central Italy. The Alcedo Investment Team has developed a unique approach to Growth Capital investments, based on not only contributing with capital, but also creating strategic partnerships with entrepreneurs and managers, aimed at fueling companies’ growth through shared plans and objectives, leveraging on the team’s investment experience and possible synergies arising from the different investments. Eurochef is the seventh investment of Alcedo IV Fund, which has raised € 195 million in May 2016.