Italian confectionery firm Melegatti has been sold to a company owned by the Spezzapria family, reports news agency Radiocor.
The new owners, who have paid approximately €13.5 million for the business, have already signalled that they aim to start production immediately in order to meet increased demand at Christmas.
The historic Verona-based confectioner patented the Pandoro cake in 1894.
Bankruptcy Proceedings
Melegatti was declared bankrupt in May of this year with a debt estimate of around €50 million.
The company’s difficulties started before Christmas 2017, but Pandoro production continued thanks to a financial boost from Malta-based fund Abalone.
At that time, Treviso-based coffee brand Hausbrandt Trieste 1892 showed interest in taking over the confectioner. However, a positive outcome was not reached and resulted in bankruptcy proceedings.
Subsequently, US fund D.E. Shaw & C. presented a bailout plan, and an investment of €20 million to re-launch the company. This offer too did not materialise.
A first bankruptcy auction for the sale of Melegatti closed in July without any offers. The starting price for the company's assets was €18 million, with the possibility of a 25% discount (€13.5 million).
The first auction ended with no interest and the commissioners opened a second auction, with the only bid filed by the Spezzapria family.
© 2018 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.
