Acquisition of Casa Vinicola Botter to Clessidra SGR
Clessidra completed the acquisition of a majority stake in Botter from Dea Capital and the Botter Family.
Founded in 1928 and headquartered in the Veneto region, Botter is the #1 private Italian wine bottler. The Company exports c. 98% of sales and has a strong positioning in the most successful Italian wine denominations (Prosecco, Primitivo and Pinot Grigio) in the most important export markets (US, Germany and UK).
The Company has an asset-light business model with no owned vineyards boasting a significantly diversified product offering and brand mix (white labels, private label, own brands). Thanks to a little exposure to the on-trade channel, Botter had a very limited impact from Covid-19 pandemic.
Clessidra is one of the largest Italian Private Equity investors. Since its inception, Clessidra completed 23 investments for an aggregate amount of over €18bn EV as well as 17 add-ons. Landmark acquisitions include, among others, Sisal, NEXI, Camfin (Pirelli), Buccellati, Cerved Group, L&S and Harmont & Blaine.
In FY20 Botter posted €215m revenues and €36m EBITDA (17% margin). The Enterprise Value of the Transaction was not disclosed
Mediobanca assisted Clessidra as sole financial advisor throughout the entire acquisition process, ensuring a superior degree of confidentiality that was instrumental to a successful outcome.
The deal testifies Mediobanca’s strong expertise and track record in the wine industry coupled with strong and long-standing relationship with Clessidra.