Dea Capital Alternative Funds has sold Gelato d’Italia to Davidson Kempner Capital Management and Afendis Capital Management

Gelato d’Italia

Gelato d’Italia (GdI) is the leading Italian player in the development, production and packaging of specialty and premium ice cream / gelato products, including plant-based and free-from products. With more than 80 years of history, GdI is considered a mission critical and innovation partner for Italian and international modern trade clients as well as for industrial partners such as Trader Joe’s and Unilever. The company operates a 25,000 square meter state-of-the-art facility located in the Italian food valley with manufacturing capabilities ranging across the whole spectrum of formats, from popsicles and bars, to sandwiches and cones.

The Deal

Dea Capital Alternative Funds, through its food-and-beverage-focused IDeA Taste of Italy fund, purchased Gelato d’Italia in 2016 and helped drive continued growth by converting the company from a supplier to a partner for its clients, by adding high-standing managers and executing a transformational capital expenditure plan to support growth.

Dea Capital Alternative Funds engaged Lincoln International as exclusive advisor to find a partner that could support Gelato d’Italia’s compelling growth potential and to run a lender education process to accelerate and to smooth the financing process for the potential buyers. Lincoln led a highly competitive process, involving both international strategic acquirers and financial sponsors. The process resulted in an exclusivity agreement with Davidson Kempner Capital Management and Afendis Capital Management for the sale of the company.

Stefano Caspani, Managing Director at Dea Capital Alternative Funds, stated, “Lincoln offered us and Gelato d’Italia the opportunity to identify the right partner for an asset with enormous growth potential. The Lincoln team has proven strong commitment and thoughtful know-how and analytical capabilities throughout the process that allowed us to successfully complete the transaction.”

Our Perspective

Saverio Rondelli, Managing Director and Chief Executive Officer of Lincoln Italy, commented, “Gelato d’Italia is a leading player across Europe in the development of solutions for the ice cream industry. Attention to clients, flexible production capabilities and reputation for quality and service are key factors in the company’s success that have convinced Davidson Kempner Capital Management and Afendis Capital Management to invest in Gelato d’Italia. We are honored to have advised Dea Capital Alternative Funds on this transaction, and we look forward to following the company’s continued future growth.”

Dea Capital Alternative Funds

Dea Capital Alternative Funds is the leading independent alternative asset management platform, active in real estate, private equity investments and non-performing loans, backed by holding company DeA Capital (listed on the STAR segment of the Milan Stock Exchange).

Through the IDeA Taste of Italy fund that is fully dedicated to the food and beverage industry, Dea Capital Alternative Funds invests in mid-sized companies that have proved good profitable growth potential, with solid and focused operational models.

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