Fratelli Polli Joins Forces with Platinum Equity in Strategic Acquisition
Deal News | Dec 04, 2024 | Finance Community IT - 1 Corporate M&A
In a significant private equity transaction, Platinum Equity, a prominent US-based investment firm with $48 billion in assets under management, has acquired a majority stake in Fratelli Polli, an Italian multinational specializing in canned vegetables and sauces. Clearwater International, an independent European corporate finance firm, advised Platinum Equity on the financing aspects of the deal. The acquisition was financed by a consortium of banks including Bper Banca (the lead agent), MPS, BPM, and Intesa Sanpaolo, assisted legally by PedersoliGattai Studio. Additionally, Deloitte, Latham & Watkins, and EY provided financial, legal, and tax advice, respectively, to Platinum Equity. The transaction involves the reinvestment of previous shareholders and management of Fratelli Polli, allowing them to maintain a significant minority share and continue their leadership role within the company. Over the last five years, Fratelli Polli has seen its revenue double, nearing 200 million euros in 2023 with exports comprising 80% of its sales to 55 countries worldwide. This deal not only fortifies Fratelli Polli's position in the agro-food sector but also paves the way for global expansion opportunities. The involvement of Clearwater highlights their expertise in structured finance and LBO operations, enhancing their reputation as a key advisor in the private equity domain.
Sectors
- Private Equity
- Food and Beverage
- Corporate Finance
Geography
- Italy – Fratelli Polli is an Italian company, and the acquisition reflects the involvement of international investors in the Italian agro-food sector.
- United States – Platinum Equity is a US-based firm, indicating the cross-border nature of the transaction and involvement of American investment in European markets.
Industry
- Private Equity – Platinum Equity's involvement in acquiring a majority stake in Fratelli Polli highlights the active role of private equity in fostering growth and expansion of companies.
- Food and Beverage – Fratelli Polli operates in the agro-food sector, producing canned vegetables and sauces, emphasizing the industry's importance in international trade and investment.
- Corporate Finance – Clearwater's advisory role in the deal showcases the significance of corporate finance in structuring transactions and securing necessary funding.
Financials
- $48 billion – Assets under management by Platinum Equity.
- €200 million – Approximated revenue of Fratelli Polli in 2023.
- 80% – Percentage of Fratelli Polli's revenue from exports.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Fratelli Polli | Target Company | Company | An Italian multinational company specializing in canned vegetables and sauces. |
| Platinum Equity | Buyer | Company | A US-based private equity firm with $48 billion in assets under management. |
| Clearwater International | Debt Advisor | Company | A leading independent corporate finance firm in Europe, focused on mid-market transactions. |
| Bper Banca | Lead Bank in Financing | Company | Part of a pool of banks involved in financing the acquisition, also acted as the lead agent. |
| MPS, BPM, and Intesa Sanpaolo | Finance Providers | Companies | Other banks involved in the consortium financing the acquisition. |
| PedersoliGattai Studio | Legal Advisor for Banks | Company | Provided legal assistance to the banks involved in the transaction. |
| Deloitte | Financial Advisor | Company | Advised Platinum Equity on financial matters related to the acquisition. |
| Latham & Watkins | Legal Advisor | Company | Provided legal advisory services to Platinum Equity. |
| EY | Tax Advisor | Company | Offered tax advice to Platinum Equity for the acquisition. |