Advised Cronos Capital Partners on the sale of private label tea company Everton to Clessidra
Clessidra Private Equity SGR has signed a binding agreement to acquire the majority of the share capital of Everton S.p.A. ('Everton') from Botanical Garden S.r.l. (a vehicle led by Cronos Capital Partners S.r.l.). Federico Dodero (CEO of Everton) will retain a minority stake and will continue in his operational role.
Everton offers a broad portfolio of mainly private label tea and infusions products, with a wide market exposition in terms of directly sourced organic products and sustainable packaging solutions. The company, headquartered in Tagliolo Monferrato (Italy), has direct operations in Italy, India and Croatia, and a sales branch in the US.
Everton has established long-standing relationships with top retailers both in Italy and abroad, and the business is well-positioned to continue its attractive historical growth trend, started with the partnership with Cronos Capital Partners, having reached around Euro 40 million of revenues in past year.
Vitale (IMAP Italy) acted as financial advisor to Cronos Capital Partners, providing support in the structuring of the transaction, in the due diligence phase as well as the valuation and negotiation phases.