Mexican food company Sigma Alimentos has sold Italian cured meat producer Cesare Fiorucci to Fiorucci Holding, an entity jointly controlled by Germany's Navigator Capital and Ireland's White Park Capital.
The transaction includes Cesare Fiorucci and its subsidiaries in Italy and Germany, comprising two production facilities in Santa Palomba (Rome) and Lesignano de' Bagni (Parma) and the Fiorucci brand in Europe.
These operations and brands generated approximately 2% of Sigma Alimentos' consolidated revenues in 2022.
The divestiture is part of Sigma Alimentos' plan to enhance profitability in Europe by focusing on core markets in the continent and accelerating EBITDA margin expansion in the region. Financial terms of the deal were not disclosed.
Navigator Capital is a Düsseldorf-based industry holding focused on the acquisition of the non-core assets of large European industrial groups to improve their profitability.
White Park Capital is a family investment holding company from Dublin which invests in the reorganisation and relaunch of businesses.
The new shareholders plan to relaunch the offer and distribution of the products of the historic brand in Italy and abroad.
The goal is to bring a 170-year-old company and brand back to profitability and growth appropriate to its potential. The long-term recovery plan will consist of an initial reorganisation phase, followed by a growth phase supported by significant investments. Cesare Fiorucci will be recapitalised with significant financial resources.
Established in 1850, Cesare Fiorucci is one of the leading brands in Italy in the cured meats sector.
The group is based in Pomezia near Rome and produces cooked hams, raw hams, seasoned specialties, mortadella, salami, and frankfurters.
Its long-established brands include the mortadella Suprema, the cooked hams Sopraffino and Fiordicotto, Il Guanciale, the Corallina, and the roasted Rostello ham.