Investment Summary

Ralcorp Holdings Exit Gelit

On May 3, 2019, private equity firms Consilium and Progressio SGR invested in food company Gelit from Ralcorp Holdings

Investment Highlights

This is Consilium’s 4th and Progressio SGR’s 2nd transaction in the Food sector.
This is Consilium’s 18th and Progressio SGR’s 17th transaction in Italy.

Investment Fate

Gelit was sold to a consortium of financial buyers in 2024.

Investment Summary
Date	2019-05-03
Target	Gelit
Sector	Food
Investor(s)	Consilium Progressio SGR
Sellers(s)	Ralcorp Holdings
Deal Type	Divestiture

Target

Gelit

Doganella di Ninfa, Italy

Gelit is a provider of private label frozen ready meals sold in Italy and abroad. Recognised for its ability to develop new recipes and the extensive production flexibility in its Cisterna di Latina-based plant position, Gelit is the key first-meal and crepes private-label supplier for most of the main Italian Large Scale Retailers. Gelit was established in 1977 and is based in Doganella di Ninfa, Italy.

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Investor(S) 2

Investor

Consilium

Milan, Italy

Investor Investor

Category	Private Equity Firm
Founded	2005
PE ASSETS	341M EUR
Size	Middle-Market
Type	Sector Agnostic

DESCRIPTION

Consilium is a private equity firm focused on small to mid-sized Italian companies. Consilium prefers to make majority investments and generally targets businesses generating €20 to €80 million in revenues. Prospective companies typically have strong management and a clear 'path to exit'. Consilium was formed in 2005 and is based in Milan.

DEAL STATS	#
Overall	19 of 23
Sector: Food M&A	4 of 4
Type: Divestiture M&A Deals	1 of 1
Country: Italy M&A	18 of 22
Year: 2019 M&A	3 of 4

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2019-04-02	Dino Corsini Crespellano, Italy Dino Corsini is a manufacturer of cakes and muffins. Dino Corsini offers food, favouring simple and age-old tastes of home-made confectionary. Dino Corsini was founded in 1935 and is based in Crespellano, Italy.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2019-04-02

Dino Corsini

Crespellano, Italy

Dino Corsini is a manufacturer of cakes and muffins. Dino Corsini offers food, favouring simple and age-old tastes of home-made confectionary. Dino Corsini was founded in 1935 and is based in Crespellano, Italy.

Buy

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2019-10-11	River Group S.R.L. 50054, Italy River Group S.R.L. is a manufacturer of high quality sneakers for the main international luxury brands. Sneakers are playing an increasingly important role in the footwear sector, in line with the wider trend of casualisation in clothing and fashion.	Sell	-

DATE

TARGET

DEAL TYPE

VALUE

2019-10-11

River Group S.R.L.

50054, Italy

River Group S.R.L. is a manufacturer of high quality sneakers for the main international luxury brands. Sneakers are playing an increasingly important role in the footwear sector, in line with the wider trend of casualisation in clothing and fashion.

Sell

Investor

Progressio SGR

Milan, Italy

Investor Investor

Category	Private Equity Firm
Founded	2005
PE ASSETS	730M EUR
Size	Middle-Market
Type	Sector Agnostic

DESCRIPTION

Progressio SGR S.p.A. is an independent private equity firm focuses on acquiring small and mid-sized companies located in Italy. The Firm targets growth potential industrial and services companies. It looks to invest in businesses with revenues of €30 to €150 million. Progressio seeks to acquire majority or minority stakes in portfolio companies. Prospective transaction situation includes MBO, MBIs, and development capital. Progressio was formed in 2005 and is based in Milan.

DEAL STATS	#
Overall	17 of 23
Sector: Food M&A	2 of 3
Type: Divestiture M&A Deals	1 of 1
Country: Italy M&A	17 of 23
Year: 2019 M&A	2 of 4

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2019-01-31	Gampack Piacenza, Italy Gampack is a production of machinery and systems for secondary packaging (shrink wrappers and cardboard packers) focused on the beverage sector. Gampack offers solidity, reliability, and speed of its machines and to the high level of service provided to the customer. Gampack was established in 2004 and is based in Piacenza, Italy.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2019-01-31

Gampack

Piacenza, Italy

Gampack is a production of machinery and systems for secondary packaging (shrink wrappers and cardboard packers) focused on the beverage sector. Gampack offers solidity, reliability, and speed of its machines and to the high level of service provided to the customer. Gampack was established in 2004 and is based in Piacenza, Italy.

Buy

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2019-07-25	Damiano Torrenova, Italy Damiano provides production and distribution of organic almonds and a wide range of other organic dried fruit-based products for a large network of industrial food processing companies as well as specialized and non-specialized retail customers. Damiano was founded in 1964 and is based in Torrenova, Italy.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2019-07-25

Damiano

Torrenova, Italy

Damiano provides production and distribution of organic almonds and a wide range of other organic dried fruit-based products for a large network of industrial food processing companies as well as specialized and non-specialized retail customers. Damiano was founded in 1964 and is based in Torrenova, Italy.

Buy

Seller(S) 1

SELLER