Home Business Investindustrial to buy 52% stake in upmarket Italian food chain Eataly

Investindustrial to buy 52% stake in upmarket Italian food chain Eataly

2 min read
Comments Off on Investindustrial to buy 52% stake in upmarket Italian food chain Eataly
0
29


Article content

MILAN — Private equity firm Investindustrial will buy a 52% stake in Eataly to accelerate the Italian upmarket food chain’s global expansion, the two companies said in a joint statement on Wednesday.

The deal envisages a capital increase worth 200 million euros ($198 million) as well as a further investment by Investindustrial to purchase shares held by the current shareholders.

Article content

At the closing, Investindustrial will hold 52% of Eataly, which is currently controlled by the Farinetti family with a 58% stake and the Baffigo-Miroglio family with a 20% stake.

Article content

The capital injection will allow the “opening of flagship stores and the development of new formats, as well as enabling the acquisition of all the minority shares in Eataly’s existing U.S. business,” the statement said.

Chief Executive Officer Nicola Farinetti will become chairman and a new CEO will be announced shortly.

Eataly, which was hit by the pandemic, reported revenues of 464 million euros in 2021, with core earnings of 14 million euros, and forecasts a 600 million euro turnover this year.

Clubitaly, an investment company in which the major shareholder is TIP Tamburi Investment Partners S.p.A., said it would not sell any of its 20% shareholding in Eataly and would acquire a further stake. ($1 = 1.0094 euros) (Reporting by Federico Maccioni and Elisa Anzolin, editing by Cristina Carlevaro and Keith Weir)



Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

year JGB yield falls, longer-term notes keep rising

Article content TOKYO — The Japanese government bond market moved in mixed directions on W…