Unilever has sold elements of its Bertolli brand name to Enrico-Glasbest, continuing a extended procedure of dismantling and divesting the device.
Bertolli is an legendary Italian manufacturer with a history that dates back again to 1865, when Francesco and Caterina Bertolli commenced a delicacy retail store in Lucca, Tuscany. More than the earlier 150+ a long time, Bertolli has come to be a very well-recognized supplier of Italian cuisine merchandise which include olive oil, pasta, butter, pesto and far more.
But beneath the wings of conglomerate Unilever, the fairly small Bertolli device was not getting the interest it deserved, according to Aleks Fiege and Jet van Koten, who each previously worked for the brand in the Netherlands. They approached Enrico-Glasbest, a Dutch food items firm specialised in Mediterranean foodstuff products building revenues of €30 million, to consider around and rejuvenate the manufacturer.
Enrico-Glasbest, identified for among other people its Jean Batôn mayonnaise, Enrico spreads and olives, and its range of antipasti, was by itself on the lookout for an acquisition target and noticed a strategic in good shape with Bertolli, explained Robin Heetkamp, Taking care of Director of Enrico-Glasbest. “Bertolli fits in seamlessly with our technique and ambitions.”
The deal sees investor-backed Enrico-Glasbest purchase the European pasta sauces, pesto and mayonnaise actions, and other trade mark rights less than the Bertolli licence. The generation approach and workers supporting this will stay at Unilever.
Fiege and Van Koten: “We see an enormous possible with Bertolli. With far more notice for, and enhanced investments in excellent, innovation and promoting, additional price will be established. In Enrico-Glasbest we have identified an best household to convey this amazing brand to bloom once more.”
For Unilever, the deal sees a different component of its Bertolli division phased out. The Dutch-British large experienced previously marketed the olive oil activities to Spain’s Deoleo and the margarines actions to Upfield. In the meantime, the things to do in North America were being sold to the Japanse Mizkan Group.
Dealmakers
Seller Unilever was recommended by British isles-centered teams from PwC (led by Johnny Matthews and Nathaniel Cahoon) and legislation firm Baker McKenzie (led by Matthew Bennett, Tiarna Meka and David Scott).
Buyer Enrico-Glasbest meanwhile employed Squarefield as its acquire side M&A and debt advisor. Squarefield’s group consisted of Matthijs Dekker, Gijs Beukers and Sanne Simons. Precision presented the economical thanks diligence (Martijn Vogelaar, Joris Timmers and Robert-Jan Drenth), while JSA-tax delivered tax and fiscal expertise (Ronald van de Merwe and Ronald Braxhoofden).
Legal consultancy to Enrico-Glasbest was shipped by JB Legislation (Jeroen Bleeker, William Bommel and Jos Ramhorst) and Myerson Solicitors (Carla Murray and Arman Hemani).