Progressio Completes Sale of Gelit
Deal News | Nov 27, 2024 | Progressio SGR SpA
In a strategic move, Consilium and Progressio, representing their respective funds alongside MMM Srl, have finalized the sale of Gelit to Wealth Venture Fund SICAR. Gelit, which has thrived under the ownership of Progressio since 2019, is a prominent player in the frozen ready meals sector, particularly under private label, and has achieved B Corp certification due to its focus on sustainability. During its growth period, the company invested over 30 million euros to enhance production capacity and created innovative product segments in the frozen snacks market. This transaction represents the culmination of a successful growth strategy emphasizing innovation and strong international partnerships, notably in Italy and the United States. The sale was facilitated by advisors including Lincoln International, BonelliErede, and several others providing financial, tax, and business due diligence.
Sectors
- Food and Beverage
- Private Equity and Venture Capital
Geography
- Italy – Gelit is headquartered in Italy, and the transaction involves Italian private equity firms.
- United States – Gelit has established significant market partnerships in the United States.
Industry
- Food and Beverage – Gelit operates in the frozen ready meals market, which is part of the larger Food and Beverage industry.
- Private Equity and Venture Capital – Progressio SGR and Consilium are Private Equity firms involved in the sale of Gelit.
Financials
- 30,000,000 EUR – The amount invested in enhancing Gelit's growth and production capacity.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Gelit | Target | Company | A company specializing in frozen ready meals and crepes for private labels, headquartered in Cisterna di Latina, Italy. |
| Wealth Venture Fund SICAR | Bidding Company | Company | Buyer of the 100% shares in Gelit. |
| Progressio SGR SpA | Selling Company | Company | Private equity firm that sold its shares in Gelit. |
| Consilium SGR | Selling Company | Company | Private equity firm that participated in selling its shares in Gelit. |
| MMM Srl | Selling Company | Company | Led by entrepreneur Massimo Menna, a stakeholder in Gelit. |
| Lincoln International | Financial Advisor | Company | Advised the selling parties in the transaction. |
| BonelliErede | Legal Advisor | Company | Provided legal advisory services for the transaction. |
| BCG | Business Due Diligence | Company | Conducted business due diligence for the transaction. |
| EY | Financial Due Diligence | Company | Conducted financial due diligence for the transaction. |
| Russo De Rosa Associati | Tax Due Diligence | Company | Provided tax due diligence services for the transaction. |