Clessidra Private Equity snaps up Italian bakery group Laurieri

Clessidra Private Equity has taken a bulk involvement successful section Italian baked goods shaper Laurieri for an undisclosed sum.

The private-equity limb of alternative-investment steadfast Clessidra Group has taken a 70% holding successful the shaper of Italian speciality cantucci biscuits and taralli crackers from the Laurieri household owners.

As portion of the deal, the Laurieri household volition clasp a 30% involvement and volition reinvest into the concern alongside Clessidra to enactment the company's growth.

In a statement, Clessidra said the determination was "perfectly aligned with the strategy of the Clessidra Capital Partners' Green Harvest fund". Set up successful July, the money focuses connected Italian agri-food SMEs, with the extremity of "promoting sustainable and competitory concern models".

Established successful 1976, Laurieri generates astir €20m ($23.2m) successful yearly revenue, and much than €5m successful EBITDA, according to the statement. Over 90% of its gross comes from planetary markets.

Based successful Matera, confederate Italy, the institution operates 4 accumulation lines with astir 45 tons of regular capacity.

Andrea Otaviano, CEO of Clessidra Private Equity, said: "We are arrogant to denote the archetypal concern of the Green Harvest fund, which represents a tangible measurement guardant successful Clessidra’s strategy to beforehand Italian excellence successful the agri-food sector.

"Laurieri perfectly embodies the values of quality, innovation, and sustainability that specify our concern vision, and we are delighted to enactment the institution successful the adjacent signifier of growth.”

Emanuele Cuccio, the managing manager of Clessidra Private Equity, said the capitalist plans "to accelerate" the biscuit producer's maturation done "expanding accumulation capacity, strengthening merchandise innovation, and further enhancing its planetary footprint, portion maintaining the highest absorption connected ESG principles crossed the full proviso chain".

Aside from saccharine and savoury snacks, Laurieri produces gluten-free crackers, breadsticks and babe nutrient nether the Little Toothsome brand. It besides works successful backstage statement and question catering.

“Clessidra’s introduction represents an important designation for the enactment we person done implicit the years,” Franco Laurieri, laminitis of the business, said. “I chose to reinvest, unneurotic with my lad Gianni Laurieri, due to the fact that I stock the imaginativeness for maturation and the tendency to support heavy section roots portion continuing to connection high-quality products that blend contented and innovation.”

Set up successful 2003, Clessidra Private Equity is managed by Clessidra Holding and has carried retired much than 30 investments worthy €2bn since it was founded.