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Italy's Melegatti Gets New Owner

By Branislav Pekic
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Italy's Melegatti Gets New Owner

Italian confectionery firm Melegatti has been sold to a company owned by the Spezzapria family, reports news agency Radiocor.

The new owners, who have paid approximately €13.5 million for the business, have already signalled that they aim to start production immediately in order to meet increased demand at Christmas.

The historic Verona-based confectioner patented the Pandoro cake in 1894.

Bankruptcy Proceedings

Melegatti was declared bankrupt in May of this year with a debt estimate of around €50 million.

The company’s difficulties started before Christmas 2017, but Pandoro production continued thanks to a financial boost from Malta-based fund Abalone.

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At that time, Treviso-based coffee brand Hausbrandt Trieste 1892 showed interest in taking over the confectioner. However, a positive outcome was not reached and resulted in bankruptcy proceedings.

Subsequently, US fund D.E. Shaw & C. presented a bailout plan, and an investment of €20 million to re-launch the company. This offer too did not materialise.

A first bankruptcy auction for the sale of Melegatti closed in July without any offers. The starting price for the company's assets was €18 million, with the possibility of a 25% discount (€13.5 million).

The first auction ended with no interest and the commissioners opened a second auction, with the only bid filed by the Spezzapria family.

© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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