CLIENT : B.F. S.p.A.

TRANSACTION: M&A

DATE: June 2020

SECTOR: Consumer and Retail

Mandate:
B.F. S.p.A. has signed an agreement to acquire a 35% stake in Master Investments S.r.l., a company active in the food supplements and plant-based drinks sector both through the Matt brand and as a contract manufacturer.

Master Investments S.r.l. operates through A&D S.p.A. – Gruppo Alimentare e Dietetico (with a 100% stake), Almas S.r.l. (with a 50% stake), Salix S.r.l. (with a 50% stake) and Mare s.r.l. (with a 50% stake). In 2019 the Group reached sales of ca. €55m.

B.F. S.p.A. is a company listed on the MTA of the Milan Stock Exchange. The Company controls Bonifiche Ferraresi, a company active in the cultivation and commercialisation of agricultural products, that owns approximately 6,500 hectares of land.

The Agreement foresees that the sellers will constitute a newco by contributing in kind a 65% stake in Master Investments S.r.l. and subsequently will transfer to B.F. S.p.A. the remaining 35% stake. Master Investments S.r.l. will subsequently be renamed Progetto Benessere Italia S.r.l.

Vitale acted as financial advisor to B.F. S.p.A., providing assistance in the economic and financial analyses of the transaction.

Value of the transaction: €25m

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