Italy-based fruit and vegetable supplier Gruppo Orsero is taking full control of Fruttital Cagliari after buying up the remaining share of its Sardinian peer.
Orsero, which already owns 25% of the business, is purchasing another 75% through its subsidiary in Italy, Fruttital, for EUR5.1m (US$5.7m), according to a statement today (10 June). The deal is expected to be signed off in the next 20 days, with the execution price equal to around six times Fruttital Cagliari’s average EBITDA rate.
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The company’s adjusted EBITDA averaged about EUR1.2m in the past two years based on average annual revenues of around EUR16m, according to the statement. Fruttital Cagliari, which has two Sardinia-based facilities in Sestu and in Monastir, currently supplies Orsero with pineapples and bananas.
Orsero’s latest deal follows the purchase of French fruit and vegetable supplier Fruttica Group from Postifruits in March having acquired Spanish wholesaler Sevimpor the previous year. It also conducts business in Portugal, Greece, Costa Rica and Colombia.
Chief executive Raffaella Orsero said today: “Futtital Cagliari will be our distribution hub in Sardinia, allowing us to increase our penetration of the local market and further improve the positioning and offer of products in the area.”
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By GlobalData
