Private equity fund IDeA Taste of Italy has sold private-label ice cream producer Gelato d’Italia to US fund Davidson Kempner, according to media reports.
Gelato d'Italia, acquired by IDeA Taste of Italy in 2016, is active in the production of private-label ice cream for large-scale retail trade and industrial partners.
The company is expecting a turnover of over €70 million in 2022, of which about 35% will be generated abroad.
Gelato d’Italia stands out for its innovation capacity, thanks to its in-house R&D team of 20 people and industrial flexibility.
In the period 2020-2021, Gelato d'Italia invested more than €20 million to increase its capacity and implement high-quality production standards, meeting the needs of Italian and international retail customers and multinationals, such as Trade Joe's and Unilever.
Production is concentrated on an area of 25,000 square metres with 21 production lines for a wide variety of ice creams, which includes sticks, popsicles, cookies and glasses.
The company sells its products in Italy (70%), Europe (24%) and United States (6%) with private labels accounting for 75% of its total revenue.
According to Stefano Caspani, managing director of IDeA Taste of Italy, Gelato d’Italia has been able to grow above the market average and ‘change its production footprint with a view to transforming itself from supplier to partner of its customers.’
The arrival of a new owner is expected to further contribute to the international growth of the company.
Specialising in the food sector, IDeA Taste of Italy is managed by DeA Capital Alternative Funds, together with the Olivi.
© 2022 European Supermarket Magazine – your source for the latest private-label news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.