NB Renaissance Partners, the private equity fund born in 2015 from a partnership between Neuberger Berman and Intesa Sanpaolo group, will buy control of Italian wine producer Farnese Vini from 21 Investimenti.
21 Investimenti has been looking for a buyer for its stake in Farnese Vini since last March (see here a previous post by BeBeez). Founded in 1994 by Valentino Sciotti (27.38%) and Filippo Baccalaro (20.25%), Farnese Vini has been growing at a double figure rate in the last few years and sells its wine in more than 80 countries in the world. Farnese Vini owns wine brands such as Caldora, Feudi di San Marzano, Vesevo, Vigneti del Vulture and Vigneti Zabu.
Since 21 Investimenti’s entry in Farnese Vini’s capital in 2013, the company has been investing more than 10 million euros in its production plants in the Abruzzo and Basilicata Regions, doubling its employees and increasing its revenues from 32 million euros in 2012 to 56 million euros expected for 2016.
The value of the deal has not been disclosed but it is said to be around 7x company’s ebitda, which is expected to be around 20% of its revenues meaning an enterprise value of more than 70 million euros.
NB Renaissance Partners will support Farnese Vini’s founders in a further step of the international business devalopment of their company, starting from the US.
21 Investimenti was advised by Rabobank, studio Lombardi Molinari Segnilaw firm, PwC (accountancy issues) and kStudio (fiscal issues).
The deal was financed by Banca Imi and Banca Popolare di Milano, who also were financial advisors to NB Reinassance. Gatti Pavesi Bianchi law firm was NB Reinassance’s advisor for legal issues, EY for fiscal and accountancy issues and Long Term Partners for strategic issues.
