Gelit Acquired by Orange Capital through Wealth Venture Fund
Deal News | Nov 28, 2024 | Legal Community Italy
In a significant transaction, Orange Capital, using its investment vehicle Wealth Venture Fund, has acquired Gelit, a company specialized in frozen foods, from the private equity funds Consilium Private Equity Fund III and Progressio Investimenti III, and the company MMM. The deal was facilitated with legal counsel from Legance - Avvocati Associati and financial support from Intesa Sanpaolo and BNL BNP Paribas. The transaction involved various legal dimensions with teams from Legance handling corporate, banking, tax, and labor aspects of the acquisition. Meanwhile, BonelliErede provided guidance to MMM managers on corporate M&A matters and banking aspects related to the refinancing of existing loans, in addition to vendor due diligence. The selling entities received legal and fiscal assistance from Russo De Rosa, while the financing was structured with the support of Gianni & Origoni. Notarial services were provided by Giovannella Condò of Milano Notai. Additionally, Simmons & Simmons supported the banks during the refinancing process, highlighting the complexity and multi-faceted nature of this acquisition.
Sectors
- Private Equity
- Frozen Foods
- Legal Services
- Banking and Financial Services
Geography
- Italy – The transaction and all involved entities, including legal and financial advisors, are primarily based in Italy.
Industry
- Private Equity – The article involves Orange Capital's acquisition of Gelit, which highlights the role of private equity in corporate acquisitions.
- Frozen Foods – Gelit, the target company, is engaged in the production of frozen foods, representing the food manufacturing sector.
- Legal Services – Multiple legal firms provided services in various aspects of the acquisition, showcasing the role of legal advisory in M&A transactions.
- Banking and Financial Services – Intesa Sanpaolo and BNL BNP Paribas were involved in structuring the financing for the transaction, highlighting the banking sector's contribution.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Gelit | Target Company | Company | A company specializing in frozen foods, acquired by Orange Capital. |
| Orange Capital | Acquirer | Company | Investment company that acquired Gelit through Wealth Venture Fund. |
| Consilium Private Equity Fund III | Seller | Company | A private equity fund that was part of the ownership group selling Gelit. |
| Progressio Investimenti III | Seller | Company | A private equity fund also involved in selling Gelit. |
| MMM | Other | Company | Managed by entrepreneur Massimo Menna, involved in the acquisition arrangement. |
| Legance - Avvocati Associati | Legal Advisor | Company | Provided multidisciplinary legal services to Orange Capital for the acquisition. |
| BonelliErede | Legal Advisor | Company | Assisted the managers of MMM in corporate and banking aspects, as well as vendor due diligence. |
| Russo De Rosa | Legal and Tax Advisor | Company | Assisted sellers with vendor tax due diligence and fiscal structuring. |
| Gianni & Origoni | Legal Advisor for Banks | Company | Assisted the financing banks with aspects related to the funding of the acquisition. |
| Intesa Sanpaolo | Financial Institution | Company | Served as a financial institution in arranging and underwriting the acquisition financing. |
| BNL BNP Paribas | Financial Institution | Company | Also served as a financial institution in the financing arrangement for the acquisition. |
| Milano Notai | Notary | Company | Provided notarial services for the acquisition. |
| Simmons & Simmons | Legal Advisor for Banks | Company | Advised banks on refinancing matters. |