Investindustrial to buy 52% stake in upmarket Italian food chain Eataly (updated)

Tamburi Investment Partners

21/09/2022 08:40

(Adds details)
    MILAN, Sept 21 (Reuters) - Private equity firm
Investindustrial will buy a 52% stake in Eataly to accelerate
the Italian upmarket food chain's global expansion, the two
companies said in a joint statement on Wednesday.
    The deal envisages a capital increase worth 200 million
euros ($198 million) as well as a further investment by
Investindustrial to purchase shares held by the current
shareholders.
    At the closing, Investindustrial will hold 52% of Eataly,
which is currently controlled by the Farinetti family with a 58%
stake and the Baffigo-Miroglio family with a 20% stake.
    The capital injection will allow the "opening of flagship
stores and the development of new formats, as well as enabling
the acquisition of all the minority shares in Eataly’s existing
U.S. business", the statement said.
    Chief Executive Officer Nicola Farinetti will become
chairman and a new CEO will be announced shortly.
    Eataly, which was hit by the pandemic, reported revenues of
464 million euros in 2021, with core earnings of 14 million
euros, and forecasts a 600 million euro turnover  this year. 
    Clubitaly, an investment company in which the major
shareholder is TIP Tamburi Investment Partners S.p.A.  TIP.MI ,
said it would not sell any of its 20% shareholding in Eataly and
would acquire a further stake.
 ($1 = 1.0094 euros)

 (Reporting by Federico Maccioni and Elisa Anzolin, editing by
Cristina Carlevaro and Keith Weir)
 ((Federico.maccioni@thomsonreuters.com; +39 3420768883;))