Italian and foreign companies are eyeing the acquisition of Italian savoury snacks company Preziosi Food, put up for sale by private equity funds Vertis and Hat.
According to a report in Italian daily Il Sole 24 Ore, the list of potential buyers includes Italian snack companies San Carlo and Pata; Irish multinational Valeo Foods (owned by Bain Capital); German snack food producer Intersnack; and US multinational PepsiCo.
Expressions of interest will be collected shortly, and the exploratory mandate from the current shareholders is in the hands of financial advisor Houlihan Lokey, the report said.
The Preziosi Food Group, which until 2016 was part of the Italian toy group Giochi Preziosi, has been on sale since mid-December 2023. The exploratory mandate has been entrusted to financial advisor Houlihan Lokey by the current shareholders.
Once all expressions of interest have been collected, a file with Preziosi Food's financial data will be sent out to prospective suitors, and non-binding offers will be presented.
Preziosi Food
Based in San Nicola di Melfi, Preziosi Food operates in a recently renovated factory spanning 15,000 square metres, producing over 700,000 bags of crisps daily for large Italian and European brands, and major retail chains.
The company's products are distributed to over 1,000 customers, including outlets in Italy as well as to over 90 countries abroad.
Preziosi Food closed 2023 with €84 million in turnover, compared to €50 million three years ago, with margins doubling in that time.
The company's new business plan, 70% of which is concentrated on private labels, is one of the reasons for its improved performance.
Read More: Private Label Market Share Reaches Record High In Italian Retailers
