Unilever has sold sections of its Bertolli manufacturer to Enrico-Glasbest, continuing a extensive course of action of dismantling and divesting the device.
Bertolli is an iconic Italian model with a record that dates back again to 1865, when Francesco and Caterina Bertolli started out a delicacy retail outlet in Lucca, Tuscany. About the earlier 150+ decades, Bertolli has develop into a nicely-regarded service provider of Italian delicacies merchandise which includes olive oil, pasta, butter, pesto and additional.
But under the wings of conglomerate Unilever, the rather modest Bertolli unit was not receiving the focus it deserved, in accordance to Aleks Fiege and Jet van Koten, who equally beforehand worked for the manufacturer in the Netherlands. They approached Enrico-Glasbest, a Dutch food enterprise specialised in Mediterranean food items products and solutions generating revenues of €30 million, to acquire more than and rejuvenate the manufacturer.
Enrico-Glasbest, identified for among many others its Jean Batôn mayonnaise, Enrico spreads and olives, and its assortment of antipasti, was itself on the lookout for an acquisition goal and saw a strategic in shape with Bertolli, stated Robin Heetkamp, Controlling Director of Enrico-Glasbest. “Bertolli fits in seamlessly with our technique and ambitions.”
The deal sees investor-backed Enrico-Glasbest get the European pasta sauces, pesto and mayonnaise activities, and other trade mark legal rights under the Bertolli licence. The production system and staff members supporting this will remain at Unilever.
Fiege and Van Koten: “We see an tremendous potential with Bertolli. With more notice for, and enhanced investments in quality, innovation and marketing, far more benefit will be designed. In Enrico-Glasbest we have discovered an ideal residence to carry this amazing model to bloom once again.”
For Unilever, the offer sees another part of its Bertolli division phased out. The Dutch-British big had formerly bought the olive oil things to do to Spain’s Deoleo and the margarines functions to Upfield. Meanwhile, the activities in North America had been marketed to the Japanse Mizkan Team.
Dealmakers
Vendor Unilever was advised by Uk-dependent teams from PwC (led by Johnny Matthews and Nathaniel Cahoon) and regulation agency Baker McKenzie (led by Matthew Bennett, Tiarna Meka and David Scott).
Purchaser Enrico-Glasbest in the meantime employed Squarefield as its buy aspect M&A and personal debt advisor. Squarefield’s team consisted of Matthijs Dekker, Gijs Beukers and Sanne Simons. Accuracy supplied the monetary owing diligence (Martijn Vogelaar, Joris Timmers and Robert-Jan Drenth), whilst JSA-tax supplied tax and fiscal expertise (Ronald van de Merwe and Ronald Braxhoofden).
Lawful consultancy to Enrico-Glasbest was shipped by JB Regulation (Jeroen Bleeker, William Bommel and Jos Ramhorst) and Myerson Solicitors (Carla Murray and Arman Hemani).