Italian, Qatari funds make first investment in Italian food
14/11/2014 12:51
MILAN, Nov 14 (Reuters) - State-backed Italian and Qatari
investors are to buy a 165 million euro ($205 million) stake in
Inalca, expanding the Italian meat producer's overseas markets
in the first such deal by the two investment partners.
Under the deal signed on Friday, the IQ Made in Italy joint
venture will buy a 28.4 percent stake in Inalca, currently
wholly owned by Italian food producer and caterer Cremonini.
Italian state-backed private equity fund Fondo Strategico
Italiano (FSI) and Qatar Holding, a fund created by the Qatar
Investment Authority, set up the joint venture in March 2013 to
invest in a range of Italian companies in the food, fashion and
luxury, tourism and leisure sectors.
The joint venture was agreed in 2012 as part of Italy's
efforts to tap Qatar's vast wealth to support national
industries struggling to finance their way out of recession.
"With this investment we aim to support the distribution of
food 'made in Italy' abroad," Maurizio Tamagnini, FSI chief
executive. Inalca could also devote part of the new funds to
acquisitions, Cremonini said in a joint statement with FSI.
Lawyer firm Latham & Watkins advised FSI and Qatar
Investment Authority in the deal. It took the two investors
around 18 months to finalise their first joint transaction.
FSI, which has a similar arrangement with Kuwait's sovereign
wealth fund, last week announced a 76 million euro investment in
the Rocco Forte hotels group with the Kuwait Investment
Authority.
(1 US dollar = 0.8036 euro)
(Reporting by Francesca Landini; Editing by Jon Boyle)
((francesca.landini@thomsonreuters.com; +39 02 66129437;
Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))
Keywords: ITALY QATAR/FOOD