Hourglass Private Equity SGR, a company that operates in the management of private equity funds focused on the upper-mid market segment, announced thetakeover of Everton, Italian company of tea, herbal teas and infusions. Clessidra took over the company based in Tagliolo Monferrato (Alessandria) from an investor club deal organized by Chronos Capital Partners. Frederick Dodero, Chief Executive Officer of Everton, will retain a minority stake in the company and continue in his operational role.
Everton: 40 million turnover for the tea company
The company offers a wide range range of teas, herbal teas and infusions. Everton have achieved in the last year a turnover of around 40 million euros. The company's growth has been driven in recent years by herbal teas and infusions, which currently represent the majority of the offer and revenues. Thanks to an integrated supply chain, the company provides its customers with quality, innovation, product traceability and competitive prices. Everton has Settlements directed in Italy, India and Croatia, and a commercial branch in the United States.
What is Hourglass Private Equity
Private Equity Hourglass operates in the Italian private equity fund management market. It has more than 3 billion euros in total capital commitments raised. The company was founded in 2003 and is controlled by Clessidra Holding SpA, which is 100% owned by Italmobiliare SpA, the investment holding company controlled by the Pesenti family. Since its foundation, they have been completed 26 investments for a total amount of over 2 billion euros. The investment in Everton represents the fourth operation From the bottom Hourglass Capital Partners 4 and will allow the Company to consolidate the ambitious growth plans of management.
"We are excited to partner with Everton, which in recent years has established itself as a privileged partner for the main operators of modern distribution, both in Italy and abroad. Everton has consistently expanded its target markets generating double-digit revenue growth for over 10 years. We look forward to supporting Everton's continued success and working with Federico Dodero and the outstanding team at the firm to support their vision." Andrew Octavian, CEO of Clessidra Private Equity SGR.
“Clessidra's unrivaled experience in building leading and sustainable companies through merger projects and deep knowledge of the market make it the ideal partner for Everton. Clessidra particularly appreciated our absolute commitment to product quality and direct sourcing to meet the needs of our customers; his financial and operational experience will be invaluable for the next phase of growth. Together with Clessidra, we look forward to expand our global footprint to continue our expansion journey, remaining faithful to the values that have allowed us to reach our current position.” commented Frederick Dodero.
In Operation Clessidra it was assisted by Equita KFinance, as M&A advisor, Equita (debt advisor), Target Law (legal area) KPMG (accounting area), Bain (commercial area), Bonfiglioli Consulting (operations area), Studio RDRA (tax and structuring area).
