Cesenate Conserve Alimentari, an Italian food company, has increased its stake in Alce Nero, giving it a controlling interest in the organic food producer.
Bologna-based Cesenate Conserve Alimentari has raised its holding in Alce Nero to 51% from 39% after purchasing additional shares from local honey cooperative Consorzio Nazionale Apicoltori (Conapi), one of the founding partners of the organic business, according to a statement.
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Fairtrade-certified Alce Nero, which is located in the Italian city of Cesena, generated revenues last year of EUR76m (US$83.9m) and a profit of EUR1.1m. Its main brand is Mielizia.
Cesenate Conserve Alimentari specialises in canned baby foods and organic food products and first invested in Alce Nero in 2004. The firm had revenues of EUR42.8m in 2017 and net profit of almost EUR2m.
Scouting Capital Advisors acted as an independent adviser for the transaction, while the legal side was looked after by TNV Studio Legale Associato.
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