Clessidra Private Equity SGR – one of Italy’s largest private equity firms focused on the mid- to high-end market – completed the acquisition of Everton, a leading tea and infusion specialist, from a group of investors led by Cronos Capital Partners. Federico Dodero, Everton’s CEO, will retain a minority stake and continue in his operational role.

Clessidra was advised by Equita K Finance – Clairfield Italy (M&A advisor), Equita SIM (debt advisor), Target Law (legal), KPMG (financial), Bain & Company (commercial), Bonfiglioli Consulting (operational), Russo De Rosa Associati (tax and structuring) and ERM (ESG).
The sellers were assisted by Vitale&Co (financial advisor), Gattai, Minoli, Partners and LCA Studio Legale (legal advisor) and Deloitte (tax advisor).
The transaction was financed by a pool of banks consisting of Banca Ifis, Gruppo Crédit Agricole, BPER Banca and Banco BPM, advised by Orrick Italia.

Everton offers a broad portfolio of tea and infusions products, which is over-indexed to the market in terms of directly sourced organic products and sustainable packaging solutions. The company uses an unparalleled integrated supply chain to provide its tier one customers with quality, innovation, traceability of origin and competitive pricing. Everton, based in Tagliolo Monferrato (Italy), has direct operations in Italy, India and Croatia and a sales subsidiary in the United States.

Over the past decade, Everton’s expansion has been driven by infusions, which now account for the majority of the company’s turnover. Globally, infusions continue to outperform other hot drinks as consumption patterns in key regions are changing, with consumers looking for functional and premium wellness-related products (relaxation, detox, digestion, etc.).
Everton has established long-standing relationships with top retailers both in Italy and abroad and the company is well positioned to continue its attractive historic growth trend, having achieved approximately Euro 40 million in revenues in the last year.

The investment in Everton represents Clessidra Capital Partners 4’s fourth transaction and will support management’s ambitious growth plans based on Everton’s strong momentum. The transaction will see Federico Dodero reinvest in the company along with other key executives, all of whom are key to ensuring the continuity of this next chapter in the company’s history.

“We are thrilled to partner with Everton, which in recent years has established itself as a preferred partner for leading modern trade operators, both in Italy and abroad,” said Andrea Ottaviano, CEO of Clessidra Private Equity SGR. “Everton has consistently outperformed its target markets by generating double-digit revenue growth for over 10 years. We look forward to supporting Everton’s continued success and working with Federico Dodero and the exceptional Everton team to support their vision.”

Rebecka Swenson, Managing Director of Clessidra, added: “Everton is an excellent platform on which to build a sustainable growth project. We are extremely pleased to have the opportunity to help Everton further extend its leadership position, both in Europe and the US, and will build on its current success and identify appropriate targets in key regions to accelerate the growth path already outlined.”

“Clessidra’s unrivalled experience in building leading and sustainable businesses through aggregation projects and deep knowledge of the consumer market make it an ideal partner for Everton,” said Federico Dodero. “Clessidra appreciates our uncompromising commitment to product quality and direct sourcing to meet our customers’ needs, and we know their financial and operational expertise will be invaluable during this next phase of growth. Together with Clessidra, we look forward to expanding our global footprint and continuing our expansion path while remaining true to the qualities and values that have enabled us to achieve our current position.”