PM & Partners sells Monviso to Altabread

PM & Partners has sold its controlling stake in Monviso, an Italian maker of gourmet and healthy bread substitutes, to Altabread, which is backed by Céréa Partenaire and Capzanine. No financial terms were disclosed. Gattai, Minoli, Agostinelli & Partners acted as legal adviser to PM & Partners on the deal.


PM & Partners SGR announces the sale of Monviso S.r.l, a leading manufacturer of gourmet and healthy bread substitutes.

PM & Partners invested in Monviso in 2012. After strengthening the company’s operations and management, including the appointment of Alessandro Manfredi Cusmano as CEO in 2013, the company has grown organically through the expansion of its product range and presence abroad, as well as through the acquisition of Biscotteria Tonon S.p.A. in 2015.

PM & Partners sold its controlling stake in Monviso (approx. 96%), while executives disposed of the remaining stake, to Altabread S.r.L., a company controlled by French private equity firm Céréa Partenaire through its fund Cerea Capital II Italia and by funds managed by Capzanine.

Alessandro Manfredi Cusmano will remain as chief executive officer of the company, while Marco Visentin will be the chief financial officer. Monviso’s management will retain a 5% stake in Altabread alongside Céréa Partenaire

Founded in 1936, Monviso is a Piedmont-based company operating four plants in Torino, Asti, Pavia and Verona. Under the Monviso brand, the company produces different product ranges, such as Breakfast (which includes the renowned Biscotto Salute), Wellbeing (low-salt products and Io Sono rusks), Organic, Snack and Pastry.

Gattai, Minoli, Agostinelli & Partners acted as legal advisor to PM & Partners, with a team composed by partner Sebastiano Cassani, senior associate Guido Cavaliere and associate Roberto Garrone for the corporate profiles; and by partner Marco Leonardi and associates Federico Tropeano and Cristina Cupolo on the banking profiles.

Vitale & Co. acted as financial advisor to the sellers with a team composed by Alberto Gennarini, Valentina Salari and Raffaele Ciccarelli. Emanuela Pettenò of PwC carried out the vendor due diligence.

Dentons acted as legal advisor to Céréa Partenaire, with a team composed by partner Alessandro Dubini, managing counsel Filippo Frabasile and trainee Marco Martinelli on the corporate side; by partner Alessandro Fosco Fagotto, senior associate Edoardo Galeotti and associate Tommaso Zanirato on the banking profiles; while partner Andrea Fiorelli and associate Matteo Chinaglia on the tax matters.

Gitti and Partners advised the funds managed by Capzanine with a team composed by partner Vincenzo Giannantonio, senior associates Cristina Cavedon and Giacomo Pansolli, and associate Francesco Mirizzi.

Funds managed by Céréa Partenaire and Capzanine partially financed the transaction by means of a mezzanine loan. Gitti and Partners assisted the funds with a team comprising partner Vincenzo Giannantonio, counsel Daniele Cusumano, senior associate Filippo Rota, associate Gloria Manunza and junior associate Francesca Annibale.

Grant Thornton and Long Term Partners respectively carried out the financial and business due diligences.

Andrea Pagliara and Adriano Adriani of Brera Financial Advisory were the financial advisors to the buyers.
Simmons & Simmons advised the pool of banks involved in the transaction, composed by Crédit Agricole Italy (arranger and agent bank) and Banca Nazionale del Lavoro, with a team composed by partner Davide d’Affronto, supervising associate Ilaria Griffo, and associates Alma Migliorini and Vanessa Malena.

Giovannella Condò of Milano Notai handled the notarial aspects of the deal.

Founded in November 2012, Gattai Minoli Agostinelli & Partners is a law firm specialising in Corporate and M&A, Banking & Finance, Tax, Restructuring, Real Estate, Employment, Intellectual Property and Dispute Resolution. With a team of over 80 lawyers – 22 of whom are partners – the Firm boasts a leading position in the private equity and corporate finance sectors.