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Private Equity Funds Take Control Of Acque Minerali d’Italia

Private equity funds Clessidra and Magnetar have acquired 80% of Acque Minerali d’Italia, which owns the Norda, Sangemini and Gaudianello beverage brands.

Magnetar will take control of 56% of the Umbria-based mineral water company, Clessidra will hold 24%, while the the Pessina family will retain the remaining 20%.

The two funds will underwrite a capital increase at the business for a total of €50 million.

The transaction has been signed off by the relevant competition authorities, including Italy’s Antitrust Authority (AGCM).

Mineral Water Brands

As well as Norda, Sangemini and Gaudianello, the deal includes dozens of other brands, as well as 26 mineral water springs and eight production sites.

Despite the COVID-19 pandemic, a significant drop in sales following the closure of the HoReCa channel, and severe limitations for restaurants and tourism, the company has managed to maintain production at all of its sites in recent months.

Acque Minerali d'Italia closed the fiscal year 2019 with consolidated net revenues of €102.5 million, while as of December 2021 it had total debt of €187.5 million, of which €50 million was owed to banks.

EBITDA, which dropped by €1.9 million in 2019, should, according to the business plan, return to positive figures as early as 2021.

According to a study by Mediobanca, Italy is the ninth largest consumer of packaged water, with a consumption of 13.5 billion litres or 222 litres per inhabitant.

Mineral water accounts for 76.2% of the consumption of all non-alcoholic beverages, the highest percentage in the EU.

Recently, Italy's fourth-largest mineral water producer, Ferrarelle, launched Infinita, a new brand that uses 100% rPET plastic bottles.

© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine

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