The Riverside Company has acquired Optima srl and its related company (Mec3), a developer, manufacturer and marketer of ingredients for gelato, pastry and other foods. Based in San Clemente (Rimini), Italy (download here the press release), Equity co-investment was provided by Lexington Partners, ICG and Parkwood. Riverside and its co-investors will buy 100% of the company from the founder Giordano Emendatori, who will re-invest in OPtima Mec with a 20% stake.
The deal values Optima Mec3 around 140 million euro, included debt. With annual revenues of around 100 million euro, the company closed year 2013 with 17 million euro ebitda. Debt financing for the transaction was provided by Intermediate Capital Group (ICG) and GE Capital Interbanca. Riverside was advised by Allen & Overy law firm and by Bain & Co, PWC and Deloitte. Legal advice on the sell-side was provided by BLF Studio Legale.
Mec3 sells internationally. Mec3 has become a global leader in gelato and pastry ingredients through an innovative and authentic approach to providing ice-cream makers around the world with a full range of products. Mec3 serves more than 60,000 customers, helping them to deliver an authentic Italian gelato experience to consumers around the world.
