Revolution in the house Eataly. After the indiscretion published by the Wall Street Journal came the official: Investindustrial, private equity led by Andrea Bonomi, it will detect the 52% of Eataly.
Through an official note, the two companies announced the signing of "an agreement aimed at supporting the international growth of Eataly, ambassador of Made in Italy food which, for over 15 years, has been promoting the sale of Italian food products in an integrated way high-end and quality catering in prestigious locations on a global scale”.
Eataly-Investindustrial: the details of the operation
The operation Eataly-Investindustrial provides for a capital increase of 200 million and a concurrent purchase by Investindustrial of a portion of the shares held by existing shareholders, to bring Investindustrial majority ownership of the company.
At closing investindustrial he will hold 52% of the company, while the remaining 48% will remain with the historical partners: the family Farinetti, the Baffigo/Miroglio family and Tamburi Investment Partners.
"The capital increase effectively eliminates the Company's net debt to maximize the financial flexibility needed to accelerate global expansion," the note continues. The new resources will be used to support the growth of Eataly in Italy and abroad, "enhancing the philosophy and sustainable DNA, the continuous support for local agri-food chains and the export of products of excellence, both through the expansion of flagship stores on a global scale and through the development of new formats; to purchase the remaining 40% of Eataly's business in the United States, in line with the company's growth strategy and consolidation of its role as ambassador of Made in Italy food abroad”.
Farinetti becomes president: change at the top
The entry of Investindustrial into Eataly it will also lead to a change at the top. Nicholas Farinetti, current CEO of the company, will take on the position of chairman, while the new CEO of Eataly will be announced “soon”.
Tamburi, for his part, emphasizes that the subsidiary clubitaly at the closing of the transaction "it will acquire a further stake in Eataly under conditions that allow it to significantly lower the average book value, it will not sell Eataly shares and will have the right to be represented on the board of directors of Eataly". At that point, underlines a note, “they will enter into force shareholder agreements already well-defined shareholders who will govern the future governance of the group and who envisage, among other things, upon the future valorisation of shares in Eataly's capital, mechanisms to protect the book value in Clubitaly".
Bonomi and Farinetti: The comments of the protagonists
“We are thrilled to be able to support an Italian excellence in the world such as Eataly as a long-term industrial partner, thanks to our experience in promoting the development of the companies we support with a view to global development based on the highest ESG and sustainability principles” , commented Andrea Bonomi, which focuses on "supporting the next stage of Eataly's growth, preserving its DNA and uniqueness and maintaining its profile of sustainability, supply chain control and ethics".
For Nicola Farinetti, the agreement “projects Eataly into a new phase in its history, which promises great growth at an international level. And that will allow us to strengthen our unique format in the world”.
