Italy’s Clessidra Private Equity SGR has snapped up local better-for-you cereals manufacturer Molino Nicoli from its owners, the Nicoli family.
Financial details of the transaction were not disclosed but the Nicoli family has reinvested a 30% stake as a result of the acquisition.
The investment in the company will come from the Clessidra Capital Partners 4 fund.
Molino Nicoli produces organic and gluten-free breakfast cereals, baby snacks and cereal bars under the Vitabella brand for the US and markets in Europe.
It also makes private-label products including muesli and granola, oat flakes, snack bars, and baby food snacks such as puffed corn.
Francesco Colli, managing director at Clessidra Private Equity, said the buyout house would look “to help the company further extend its leadership position in its reference market across Europe and the US”.
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Coli added: “Based on current success we will identify adequate targets across core regions to accelerate the already outlined growth path, which aims to build a leading platform in the growing market for healthy food products, with a strong attention on quality, traceability and clean label.”
Andrea Ottaviano, the CEO at the private-equity firm, added: “We are thrilled to partner with Molino Nicoli, which over the last years has established itself as the partner of choice for primary operators in modern distribution, both in Italy and abroad, and for leading brands in the industrial and babyfood channels.
“Molino Nicoli has consistently expanded its reference markets, generating double-digit revenue growth for 20 years.”
Based north-east of Milan in Costa di Mazzate, Molino Nicoli manages two gluten- and allergen-free production plants. It also operates a commercial unit in Connecticut in the US.
The company saw annual turnover hit circa €60m ($65.14m) in 2023. Half of those revenues were generated from international markets, the company said.
