Secondary Buyout • Food

Apheon Acquires Salpa & Cherubini

On December 21, 2023, private equity firm Apheon acquired food company Salpa & Cherubini from Equinox

Acquisition Context
  • This is Apheon’s 4th transaction in the Food sector.
  • This is Apheon’s 10th transaction in Italy.

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M&A Deal Summary

Date December 21, 2023
Target Salpa & Cherubini
Sector Food
Buyer(s) Apheon
Sellers(s) Equinox
Deal Type Secondary Buyout

Target Company

Salpa & Cherubini

San Giustino, Italy
Salpa & Cherubini is a confectionery company specialized in the production of high-quality ice cream cookies, chocolate decorations, covers, inclusions and toppings, gluten-free products, cookie dough and breadcrumbs for top multinationals in the ice cream, yogurt and confectionery industries and retailers and global clients with the highest international standing, including multinationals such as Unilever, Froneri, Nestle, Ferrero, Mars, Sammontana, Findus, etc. Salpa & Cherubini was founded in 1934 and is based in San Giustino, Italy.
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Buyer Overview 1

Buyer

Apheon

Brussels, Belgium

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 2.8B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Apheon is a generalist private equity firm that invests in middle-market companies throughout the Benelux, Italy, Iberia, France, and Switzerland. Ergon looks to invest €25 to €75 million in businesses with sustainable competitive advantages and operating in 'attractive' niche markets. Apheon was formerly knowns as Ergon Capital Partners. The Firm was formed in 2005 and is based in Luxembourg.


Deal Context for Buyer #
Overall 40 of 40
Sector: Food 4 of 4
Type: Secondary Buyout 13 of 13
Country: Italy 10 of 10
Year: 2023 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-05 Fiabila

Maintenon, France

Fiabila is a cosmetics CDMO specialized in the development, manufacturing and packaging of nail polish and nail care products. Fiabila was founded in 1977 and is based in Maintenon, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-29 Dolciaria Acquaviva

Naples, Italy

Dolciaria Acquaviva is a player in the attractive frozen bakery market recognized for its high-quality and innovative products. Dolciaria has a wide product portfolio serving, directly and indirectly, more than 20 thousand customers across Italy. Dolciaria Acquaviva was founded in 1979 and is based in Naples, Italy.

Sell -

Seller Profile 1

SELLER

Equinox

Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 900M EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Equinox is a private investment firm focused on acquiring lower middle-market Italian companies. The Firm generally pursues family-owned companies and has a particular interest in under-managed/under-valued opportunities. Sectors of interest include industrial, environmental, leisure, consumer, retail, life science, healthcare, and transportation. Equinox was established in 2001 and is headquartered in Luxembourg.


Deal Context for Seller #
Overall 4 of 5
Sector: Food 1 of 2
Type: Secondary Buyout 1 of 1
Country: Italy 3 of 4
Year: 2023 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-30 Modulblok

Pagnacco, Italy

Modulblok is a manufacturer of storage systems for the logistic industry. The Company offers a portfolio of products for the static market, with excellent anti-seismic characteristics and a wide range of tailor-made solutions. Modulblok was founded in 1976 and is based in Pagnacco, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-25 Clas

Chiusanico, Italy

Clas is a manufacturer of pounded sauces, mainly based on green basil (i.e. “Italian Pesto”), sold to primary multinational food brands and grocery. Clas was founded in 1989 and is based in Chiusanico, Italy.

Sell -

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