Clessidra sells Acetum to Associated British Foods
Clessidra Sgr announced that it had signed a definitive agreement to sell Acetum to Associated British Foods (Abf). Acetum is the leading manufacturer and distributor of Balsamic Vinegar of Modena, a PGI-certified specialty vinegar among the most famous and appreciated Italian food products.
Clessidra acquired an 80% stake in Acetum in 2015 with the remaining 20% retained by the founding shareholders, Cesare Mazzetti and Marco Bombarda who will remain on as president and business director. During the investment period, Clessidra and the other shareholders have made significant investments to strengthen the management structure and to support the product offering.
Closing of the transaction is subject to clearance of the competent antitrust authorities.
Clessidra was advised by Goldman Sachs as its financial advisor and Studio Gatti Pavesi Bianchi as its legal advisor. Clessidra was also advised by Alonzo Committeri and Partners for tax matters, KPMG for accounting matters and MN Tax & Legal for corporate law matters.
Acetum is the global leader in Balsamic Vinegar of Modena. It also makes balsamic glazes and wine and apple vinegars. Its key brands include Mazzetti (the number one brand in Germany and Australia), Acetum and Fini. Acetum’s products are sold in over 60 countries around the world, the largest markets being the U.S. and Germany. In 2016, it had sales of €103 million.
ABF (which is listed on the London Stock Exchange) is a diversified international food, ingredients and retail group with sales of £13.4 billion and 130,000 employees in 50 countries. ABF has significant businesses in Europe, southern Africa, the Americas, China and Australia and substantial businesses in Italy (including Twinings tea, the retailer Primark and AB Mauri Italy for yeast and bakery goods), where it employs over 2,500 people.
Clessidra manages private equity funds on the Italian market, with more than €2.5 billion of raised capital. Established in 2003, Clessidra is part of Italmobiliare S.p.A., the Italian Investment Holding company controlled by the Pesenti Family. Over the years, Clessidra has played an active role in creating value for its investments. Since its inception, Clessidra has completed 21 investments in companies with a total enterprise value of over €18 billion and is currently investing its third fund.