NB Aurora Exits Veneta Cucine Stake in €53M Deal
Deal News | Oct 31, 2024 | Finance Community IT - 3 Private Equity
NB Aurora S.A. SICAF-RAIF, a vehicle for permanent capital listed on the professional segment of Euronext MIV at the Italian Stock Exchange and specializing in expansion capital investments in Italian SMEs, announced the completion of its divestment from Veneta Cucine. NB Aurora sold its entire 30% stake in Veneta Cucine, held through its controlled vehicle V Club, to Veneta Cucine's majority shareholder, Veneta Cucine Holding, and Veneta Cucine itself. Aurora, which invested alongside its co-investment funds and co-investors in June 2021, aided Veneta Cucine's progression into Italy's leading producer and retailer of 'Made in Italy' kitchens, operating 350 mono-brand stores globally. Since its founding in 1967, Veneta Cucine has seen considerable growth, reaching a 2023 revenue of approximately €375 million and an EBITDA margin of 10%. The total transaction value for the 30% stake was approximately €53 million, with €45 million associated with funds managed by Neuberger Berman AIFM S. r.l., and around €17 million attributable to Aurora.
Sectors
- Private Equity
- Consumer Goods
- Retail
Geography
- Italy – NB Aurora and Veneta Cucine are Italian entities, and the business operations and transaction are primarily based in Italy.
Industry
- Private Equity – The article discusses an exit by a private equity firm, NB Aurora, from its investment in Veneta Cucine.
- Consumer Goods – Veneta Cucine operates within the consumer goods sector, specifically focusing on kitchens and kitchenware.
- Retail – Veneta Cucine has a significant retail operation with 350 mono-brand stores worldwide.
Financials
- €53 million – The total transaction value for NB Aurora's exit from its 30% stake in Veneta Cucine.
- €45 million – The portion of the transaction associated with funds managed by Neuberger Berman AIFM S. r.l.
- €17 million – The share of the transaction proceeds attributable to NB Aurora.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| NB Aurora S.A. SICAF-RAIF | Selling Company | Company | A permanent capital vehicle listed on Euronext MIV specializing in expansion capital investments in Italian SMEs. |
| Veneta Cucine | Target Company | Company | An Italian leader in the production and commercialization of 'Made in Italy' kitchens. |
| Veneta Cucine Holding | Bidding Company | Company | The majority shareholder of Veneta Cucine and involved in acquiring the stake from NB Aurora. |
| Neuberger Berman AIFM S. r.l. | Financial Manager | Company | Managed the funds related to the transaction. |