Clessidra Private Equity has taken a majority stake in local Italian baked goods maker Laurieri for an undisclosed sum.
The private-equity arm of alternative-investment firm Clessidra Group has taken a 70% holding in the manufacturer of Italian speciality cantucci biscuits and taralli crackers from the Laurieri family owners.
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As part of the deal, the Laurieri family will retain a 30% stake and will reinvest into the business alongside Clessidra to support the company’s growth.
In a statement, Clessidra said the move was “perfectly aligned with the strategy of the Clessidra Capital Partners’ Green Harvest fund”. Set up in July, the fund focuses on Italian agri-food SMEs, with the goal of “promoting sustainable and competitive business models”.
Established in 1976, Laurieri generates around €20m ($23.2m) in annual revenue, and more than €5m in EBITDA, according to the statement. Over 90% of its revenue comes from global markets.
Based in Matera, southern Italy, the company operates four production lines with about 45 tons of daily capacity.
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By GlobalDataAndrea Otaviano, CEO of Clessidra Private Equity, said: “We are proud to announce the first investment of the Green Harvest fund, which represents a tangible step forward in Clessidra’s strategy to promote Italian excellence in the agri-food sector.
“Laurieri perfectly embodies the values of quality, innovation, and sustainability that define our investment vision, and we are delighted to support the company in the next stage of growth.”
Emanuele Cuccio, the managing director of Clessidra Private Equity, said the investor plans “to accelerate” the biscuit producer’s growth through “expanding production capacity, strengthening product innovation, and further enhancing its international footprint, while maintaining the highest focus on ESG principles across the entire supply chain”.
Aside from sweet and savoury snacks, Laurieri produces gluten-free crackers, breadsticks and baby food under the Little Toothsome brand. It also works in private label and travel catering.
“Clessidra’s entry represents an important recognition for the work we have done over the years,” Franco Laurieri, founder of the business, said. “I chose to reinvest, together with my son Gianni Laurieri, because I share the vision for growth and the desire to maintain deep local roots while continuing to offer high-quality products that blend tradition and innovation.”
Set up in 2003, Clessidra Private Equity is managed by Clessidra Holding and has carried out more than 30 investments worth €2bn since it was founded.
In July last year, the private-equity group snapped up Italian better-for-you cereals manufacturer Molino Nicoli from its owners, the Nicoli family.
Financial details of the transaction were not disclosed but the Nicoli family reinvested a 30% stake as a result of the acquisition.
