Zeus Capital has acted as exclusive financial adviser to the shareholders of Prestat, the manufacturer, wholesaler and retailer of premium chocolates, on its sale to Italian coffee dynasty and chocolatier Gruppo illy.
Established in 1902, Prestat produces over 300 tonnes of chocolates and baked goods per annum from its artisan kitchens in London. Products are distributed throughout the UK and exported to more than a dozen countries from Japan and the USA to China and the Middle East. Prestat made GBP7m in sales for the year ended 30 April 2018.
Prestat was a favoured haunt of Roald Dahl, author of Charlie and the Chocolate Factory, who made Prestat truffles the centrepiece of his novel, My Uncle Oswald. Prestat has also for many years supplied chocolates to the British royal family and in 1975 it was granted a Royal Warrant as Purveyors of Chocolates to Her Majesty The Queen.
Upon completion of the acquisition, Prestat will become part of Domori, the premium chocolate subsidiary of Gruppo illy.
A Manchester-based team at Zeus Capital led the transaction, comprising Head of Corporate Finance Tremayne Ducker with support from Assistant Director Alistair Donnelly. This transaction forms part of Zeus Capital’s involvement in Global M&A Partners, a partnership of more than 30 independent investment banking firms across the world offering international M&A advisory services.
Bill Keeling, CEO of Prestat, says: “The acquisition of Prestat Group by Domori/Gruppo illy opens an exciting new chapter in Prestat’s history. With access to the finest chocolate from Domori, the deal provides the funding, management know-how and distribution that can turn Prestat into a global premium chocolate brand. The expert advice of Zeus Capital was essential to the progress and successful conclusion of the deal. Our thanks to the Zeus team.”
Tremayne Ducker, Head of Corporate Finance, Zeus Capital, says: “Prestat is led by an entrepreneurial management team with a long-standing history as chocolatiers. They have successfully grown their UK heritage brand by combining luxury chocolates with instantly recognisable premium design. It has been a pleasure working with the Prestat team and in Gruppo illy they have the ideal partner for future growth both in the UK and internationally.”
