Everton S.p.A. (“Everton”), an Italian food & beverage leader in the production of tea, herbal tea, infusions and instant beverage with production plants in Italy, India and Croatia, and a commercial joint-venture agreement in the United States, has sold a majority stake to Cronos Capital Partners (“CCP”) – a holding company controlled by its founding partners Alessandro Besana and Lorenzo Bovo and the associate Nicola Ambrosio – and to other private investors.
Everton and its shareholders have been assisted by Equita K Finance – Italian partner of Clairfield International and part of Equita Group – as financial advisor and by the law and tax firm Russo De Rosa Associati for all legal and tax aspects of the transaction.
Cronos Capital Partners was assisted by Gattai, Minoli, Agostinelli & Partners as legal advisor, Deloitte carried out the financial and tax due diligence, Long Term Partners/OC&C Italy performed the business due diligence.
The deal was finalized through a special purpose vehicle backed by CCP and well-reputed Italian entrepreneurs and finance professionals, mainly with a capital increase to support Everton organic and M&A growth on international markets.
Thanks to the partnership, the Group will have the resources to implement its ambitious growth plan through the acquisition of Italian and foreign companies active in the same market segment.
Cronos Capital Partners will also support Everton in the development of new production lines and in the extension of the current industrial capacity, as well as enhancing their commercial growth in Italy and abroad.
Filippo and Federico Dodero are confirmed co-CEOs and together with the CFO Federico Figini will lead the expansion of the company, continuing the path of success and growth undertaken so far.
Everton was taken over in 1993 by Marco Dodero and Riccardo Donelli, entrepreneurs with extensive experience in the food & beverage industry. Thanks to the Dodero-Donelli family, the company has become the undisputed Italian leader in the production of tea, herbal tea, infusion and instant beverages in the private label segment.
Over the last few years Everton has emerged as the reference player in the production and packaging of tea, herbal tea, infusions and instant beverages for the main Italian and foreign supermarket chains. The Group targets a turnover of more than Euro 30 million in 2020, with more than 200 employees and a double-digit growth rate. These results were achieved thanks to an innovative business model and to the investments of the past ten years. Federico and Filippo Dodero have been able to expand abroad and vertically integrate the Group’s supply chain by starting up a production plant in India and closing an industrial partnership with a Croatian company active in the cultivation of chamomile and herbs, of which Everton itself is a shareholder.
“Cronos Capital Partners has demonstrated a deep knowledge of our sector and of its business dynamics”, said Federico and Filippo Dodero. “We are convinced that joining forces with Cronos Capital Partners is the best solution to fully achieve Everton’s growth potential. We are already working together to acquire potential international targets”.
“In a particularly complex market context due to the Covid-19 pandemic, Everton business model has proven resilient and anti-cyclical. The type of product developed, the market positioning and the distribution channel represent the key pillars of the investment rationale that prompted us to complete this second acquisition”, declared Alessandro Besana and Lorenzo Bovo, co-founders of Cronos Capital Partners. “A well-developed business model, an excellent service level, control of the supply chain and compliance with the highest international standards of quality are the ingredients to Everton success in the recent years”.
Everton was taken over in 1993 by Marco Dodero and Riccardo Donelli, entrepreneurs with extensive experience in the food & beverage industry. Thanks to the Dodero-Donelli families the company has become the Italian leader in the production of tea, herbal tea, infusion and instant beverages in the private label segment.
Over the years, Everton has managed to expand abroad, vertically integrating its supply chain, and providing its clients with best-in-class products that satisfy all major international quality standards.
The Group targets a turnover of more than Euro 30 million in 2020, with more than 200 employees and a double-digit growth rate.
CRONOS CAPITAL PARTNERS
CCP is the holding company founded by private equity professionals Lorenzo Bovo, Alessandro Besana and Nicola Ambrosio, specialized in the structuring of majority stakes acquisition in private industrial companies with turnover between 20 and 40 million euros.
Cronos Capital Partners is backed by well-reputed entrepreneurs and finance professionals, among others. To date, CCP has completed two acquisition of controlling stakes.