PLATINUM EQUITY COMPLETES ACQUISITION OF POLLI, ITALIAN PRODUCER OF PASTA CONDIMENTS AND VEGETABLE PRESERVES

LOS ANGELES, Dec. 13, 2024 /PRNewswire/ -- Platinum Equity announced today that the acquisition of a majority stake in F.lli Polli S.p.A. ("Polli"), a leading producer of pasta condiments and vegetable preserves, from affiliates of the founding Polli family has been completed.

Financial terms of the transaction were not disclosed. The Polli family retained a minority stake in the business together with CEO Marco Fraccaroli, who will continue to lead the company.

Founded in 1872, Polli is an Italian producer of pasta sauces, food in-oil, olives, pickles, and condiments to customers in over 50 countries, and is one of the largest producers of pesto in the EU. The company operates four state-of-the-art plants in which more than 130 different raw materials are processed, producing approximately 29,000 tons of vegetables and more than 190 million packages every year.

In a recent Behind the Deal Q&A (full interview available here), Platinum Equity Co-President Louis Samson and Managing Director Fernando Goni discussed the acquisition and the firm's investment thesis.

"This was a family-owned asset for many generations and divesting it was a big decision for them," explained Samson. "We have tremendous respect for the legacy they've built, and I think over time, the family realized that Platinum Equity would be a good home for the business and its next chapter. We have a shared vision to improve the company and grow outside of Italy in Europe and the United States and believe we can help."

"I think aligning with the vision of the family is really important," said Goni. "When that alignment exists, I think what Platinum Equity can provide is operational expertise, resources, and the ability to grow outside of these European markets. When that aligns with what the family is looking for, then you have a really good match."

The Polli investment was led by Platinum Equity's Small Cap investment team, which is experienced in acquiring businesses in Europe and in the food and beverage sector in particular.

"We've been in Europe for more than 20 years and we've really supercharged the effort in the last eight to ten years," said Samson. "We have also replicated our full suite of operational and carveout personnel and capabilities on the ground at the European level, which is a hallmark of Platinum's approach and a big differentiator for us. So far, it's paying off. We've been very active and we like our current position in the market."

Platinum Equity's current portfolio includes private label sweet biscuits manufacturer Biscuit International (Paris); wine producer Fantini Group (Ortona, Italy); seafood provider Iberconsa (Vigo, Spain); and premium rum blending specialist E&A Scheer (Amsterdam).

Deloitte and Clearwater served as financial advisors to Platinum Equity on the acquisition of Polli. Latham & Watkins LLP served as Platinum Equity's legal advisor and E&Y provided tax counsel on the transaction.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 60 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O^® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 29 years Platinum Equity has completed more than 450 acquisitions.

Contact:

Dan Whelan
Platinum Equity
[email protected]

SOURCE Platinum Equity