La Doria: top investor is exploring options for stake
- Press release
, François-Xavier Branthôme
Negotiations are in progress with Investindustrial
According to the press release published by La Doria on September 27, 2021, negotiations are in progress between the majority shareholders of La Doria S.p.A. and Investindustrial for a corporate transaction on the company.
Earlier on September 24, the company said in a statement that “the majority investor in Italy's La Doria was exploring various options regarding its stake in the juice and canned tomato producer but the discussions were at a preliminary stage”. The Ferraioli family owns a 63% stake in the group.
According to that disclosed to the Board, the agreements under negotiation between the parties include:
• the transfer, in favour of an Investindustrial Group company and held by a number of the present shareholders involved in the shareholders' agreement, of the entire majority holding indicated above, for a price calculated on the basis of a valuation of the La Doria shares of Euro 16.50 each;
• the transfer is subject to obtaining the usual authorizations of a regulatory nature (Antitrust and Golden Power);
• as a result of this transfer, the launch of a public tender offer for all of La Doria's outstanding shares, at the price of Euro 16.50 per share;
• the involvement of a number of the selling shareholders in the management of the La Doria Group post-transaction.
The signing of the binding agreements for the transaction will take place in any case once:
• the confirmatory due diligence (currently underway) is completed on certain significant aspects of the La Doria Group's operations in accordance with market practice;
• an agreement has been reached between the parties on all the terms and conditions of the transaction.
In order to permit the completion of the due diligence and the negotiations, the members of the shareholders' agreement have granted Investindustrial a period of exclusivity until October 20, 2021, the date by which it is expected that the binding agreements relating to the transaction will be signed.
Antonio Ferraioli, one of the present members of the shareholders' agreement and Chairman of La Doria S.p.A., asked to comment on the exclusivity granted to Investindustrial, stated:
"I trust that the agreements with Investindustrial can be closed within the period of exclusivity and in any case within a short timeframe.
In fact, the transaction would provide a great opportunity for the Company and its employees to embark on a new phase focused on further growth. Over the last 40 years, La Doria has grown strongly and continuously, becoming a European leader on its markets. The hoped-for entry of Investindustrial is part of our development strategy and would allow the company to further expand its range of operations to become a platform for mergers within its sector.
I am very pleased with this fresh opportunity with a partner that has set itself very ambitious goals, while ensuring continuity for management (including my role as CEO) and stability for all employees. The Ferraioli Family firmly believes in the Group's potential and will continue to be actively involved in the Company’s management. This is demonstrated by the fact that, even on conclusion of the transaction, a number of the current shareholders will maintain a significant holding".
La Doria, a company listed on the STAR segment of Borsa Italiana, is the leading European producer of processed pulses and peeled and chopped tomatoes on the retail channel and among the leading Italian producers of fruit juices and beverages. La Doria is also the leading producer in Europe of private label readymade sauces. 2020 revenues totalled Euro 848.1 million, of which 97% generated by the private labels segment with the major domestic and international retailers.
Some complementary data:
Further details and official press releases are available at:
Source: La Doria
La Doria: Exceptional increase in volumes sold in 2020