Sfoglia Torino has acquired 100 per cent of the capital of Idea Quick, an Italian frozen puff pastry producer, with growth capital provided by Unigrains.
The acquisition follows an expansion process launched in February 2017, in which Enzo Perrino, the CEO of Sfoglia Torino, acquired Righi Srl in view of consolidating the frozen puff pastry sector.
In 2016, Sfoglia Torino saw sales of roughly EUR11 million, up nearly 10 per cent compared to 2015. Following the acquisitions of Righi and Idea Quick, the newly created group surpasses EUR30 million in sales and can further invest in opportunities for sustainable and profitable growth, notably by expanding its presence across national and international markets.
The investment in Idea Quick reinforces Sfoglia Torino’s presence on its cross-channel business model (retail, HoReCa and B2B). The operational leadership of the group remains in its Buttigliera D’Asti headquarters in the Piedmont region, and will leverage other facilities located in the Emilia-Romagna and Veneto regions. Sfoglia Torino has strengthened its management team in line with the company’s ongoing development strategy.
Crédit Agricole Cariparma supported the acquisition acting as sole lender.
Enzo Perrino, CEO of Sfoglia Torino, says: “Having tripled in size through the successive acquisitions of Righi and Idea Quick, Sfoglia Torino is now the major Italian player in puff pastry snacks. Going forward, we will seek to generate synergies further strengthen our teams, and accelerate growth. We look forward to working closely with Unigrains given their deep understanding of our activity.”
Francesco Orazi, managing director, Unigrains in Italy, adds: “We are pleased to accompany Enzo Perrino, a highly capable entrepreneur, by bringing our financial and sector expertise in support of his project to consolidate and lead a promising market segment. Sfoglia Torino, Unigrains’ second investment in Italy, perfectly illustrates our approach and our ambition to be the partner of choice for Italian food and ag entrepreneurs in realising their development projects.”
Francesco Schiavinato, executive director and shareholder, Idea Quick, says: “After having analysed the upcoming market evolutions and the industry specific dynamic, we envisaged a consolidation trend which Idea Quick should be part of. Once we met Unigrains and Sfoglia Torino, in accordance with the major Shareholder Alessandro Carniato, we recognised that this project represents the best combination for the future.”
