The complex ownership structure of Italian retailer Esselunga is likely to be simplified in the coming months, as members of the Caprotti clan appear to be nearing agreement on the business' future composition.
Giuliana Albera Caprotti, the second wife of late founder Bernardo Caprotti, and their daughter Marina Sylvia Caprotti, are in the process of completing the purchase of the share capital owned by minority shareholders Giuseppe and Violetta Caprotti, the retailer has announced.
Ownership Arrangement
Giuseppe and Violetta Caprotti, Bernardo Caprotti's children from his first marriage, hold 30% of the share capital in Supermarkets Italiani SpA, the company that runs Esselunga. Giuliana and Marina Caprotti own 70%.
Bernardo Caprotti passed away in September 2016, distributing parts of the business among members of his family in his will – a structure that has led to tensions among the Caprotti clan.
Esselunga is valued at approximately €6.1 billion, according to ANSA figures.
New Structure
According to a statement on the Esselunga website, the majority shareholders (Giuliana and Marina) have exercised the right to purchase the minority shareholding, through an elaborate purchase structure, including a €535 million capital contribution and a €1.3 billion loan.
To achieve the €535 million capital contribution, Giuliana and Marina Caprotti will sell their share (32.5%) in the Villata real estate business to Unicredit, as well as contribute €100 million of their own cash.
The loan will be sourced from a pool of primary institutions and will be partly reimbursed once the merger of the two sides of the business is completed, which is expected to take place 12 months after the closing of the acquisition.
"We are proud to be able to continue our personal commitment to the development and success of Esselunga and we have great confidence in the management team and in all the people who work in the group," Giuliana and Marina Caprotti said in a statement.
Elsewhere, Sami Kahale, the chief executive of Esselunga, said that he was "pleased" to learn that the company's majority shareholders have committed their future to Esselunga.
"Thanks to this decision, we will continue with determination the execution of our five-year industrial plan, which has started in the best possible way," he said. "In this very difficult period of emergency, we are entirely focused on serving our community."
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
