Neuberger Berman is preparing the sale of its 35,55% stake in Rigoni di Asiago srl, a leading honey and marmalade maker in Italy, Il Sole 24 Ore wrote, adding that Banca Imi is the mandated financial advisor.
The stake in Rigoni’s capital owned by Neuberger Berman’s funds is part of a portfolio of direct holdings in Italian SMEs which Neuberger Berman bought last year from Fondo Italiano d’Investimento and that are destinated to be partly transferred to a new investment veichle named NB Aurora managed by Neuberger Berman and ready to be listed on the Italian Stock Exchange by next July. Fondo Italiano had invested in Rigoni in 2012.
Rigoni reached 136 million euros in revenues in 2017 (from 114.8 milioni in 2016), 17 millions in ebitda (from 12.2 millions) and 50 millions of net financial debt (from 43.4 millions), including 7 million euros of so called minibonds maturing in July 2019 and paying a 6.25% fixed coupon. Those bonds were issued in 2014 and listed on the ExtraMot Pro market. Revenues for FY 2018 are seen growing to 150 million euros, also thanks to an expansion in the US.
The sale is starting after last year the company had tried to list on the Italian Stock Exchange and after that Rigoni’s ceo and major shareholder, Andrea Rigoni, made an offer to Neuberger Berman to buy back its stake. The offer however was not accepted as it was considered too low.
Interest on the dossier is said to come from some industrial subjects such as Italy’s giant Ferrero  on Netherlands’ Royal Wessanen (who is said to have offered about 11x FY2017 ebitda) and from some private equity firms such as  L-Catterton, Ambienta sgr and London-based Epic Private Equity.
