First Close of Mandarin Capital Partners III 

Mandarin Investment Management S.A. is pleased to announce that Mandarin Capital Partners III SCA RAIF (“MCP III”) completed its First Close on 9 August 2019 for a total amount of €148M from existing, and new, Italian and international investors.  This represents c. 60% of the fund target size (€250M).  Several existing and new LPs are currently at various stages of due diligence in relation to MCP III, and a second closing is targeted to take place in early 2020. MCP III will continue the same strategy of the previous two funds by investing into Mid-Market Italian businesses.

MCP III is also in the process of completing its first two investments, one in the coffee business and the other in the market of metal accessories for luxury bags and belts.  Both are scheduled to be completed within the next month.  

The predecessor fund, Mandarin Capital Partners II (2013), has completed eight investments with five already fully divested returning 39% and over 2.2x MOC, and has returned to investors all money invested within four years.  Overall, MCP has made eighteen investments since inception in 2007, with no losses.

MCP has been advised by Lancea LLP and Cebile Capital, both headquartered in London, in its fundraising activities.

August 2019

Press release

New frozen foods group formed in Genoa

Genoa will be home to the newly incorporated IFFH – Italian Frozen Food Holding SpA, through which two established players in the frozen food market will be joining forces: Appetais SpA, which has a local track record of over 20 years as a producer of ready meals, and AR Srl (a joint venture between Appetais and Roncadin SpA of Meduno), a leading producer of gluten-free and other “free-from” food products.

IFFH SpA was promoted by Mandarin Capital Partners (MCP), a leading private-equity fund that invests in mid-sized Italian companies, supporting their growth on international markets, with the goal of driving the expansion of the group through acquisitions and support for organic growth.

Based in the Bolzaneto district of Genoa, Liguria's revitalised food centre, IFFH's two current production facilities will house over 200 employees, turning out more than 20 million units expected to generate initial sales of €40 million, 20% of which outside of Italy.

Appetais SpA and AR Srl are known for their ability to supply and export authentic fine Italian cuisine to the world, offering a wide range of ready meals and gluten-free and other free-from food products.

Leveraging its extensive local and international presence, recognised product quality and constant research and development efforts, and with the support of the private-equity fund MCP, IFFH plans to create an Italian frozen foods platform for mid-size companies offering a range of complementary articles and products. The ultimate goal is to reach the size and strength needed to compete with the major players in the frozen foods market at the international level and to take advantage of the widespread opportunities for expansion currently offered by the market.

The group, which is examining various strategic acquisitions, is set to pursue significant expansion of its product portfolio and sales in the coming years. Francesco Palau, currently Chairman of Appetais, will be Chairman and Chief Executive Officer, whereas Dario Roncadin, CEO of Roncadin SpA, will be Director in charge of Business Development and Marcello Mucedero will be the group's General Manager.

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Mandarin Capital Partners (“MCP”) is a private-equity platform that invests primarily in mid-size Italian companies, seeking to create value through expansion on international markets.
MCP's deeply rooted presence in the Far East allows it to offer target companies decisive support in markets with strong growth potential. However, its focus on international growth is not limited to the Far East. The 15 companies in which MCP has invested to date have completed 34 acquisitions, primarily in Western Europe, China and the USA.

MCP's first fund was launched in 2007, has undertaken ten investments, all sold at a profit, and has achieved a total return of approximately twice the amount invested. Its second fund, launched in late 2013, has undertaken eight investments, four of which have been sold at a return of twice the initial investment.

for information

Anna Alessandrini
Appetais SpA
Tel. +39010 7267022
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Reported below, there is the press release of the Italian Association of Private Equity and Venture Capital:

The winners of the fifteen edition of the Claudio Demattè Private Equity Deal of the Year prize, were rewarded during the ceremony held yesterday evening in the hall of the Museum of Science and Technology, in Milan. The winners, have been elected by a jury composed of high-level professionals belonging to the institutional, business and academic world, which voted the best deal among 17 finalists previously selected among the companies owned by a Private Equity fund that were divested between the 1st of August 2017 and 2018.

Mandarin Capital Partners and Progressio won the award for the Buy Out category (including all operations consisting in the purchase of a majority stake in a company by a private equity house). The deal involved Industrie Chimiche Forestali, a company that designs, produces and sells high-tech adhesives and fabrics for the footwear and leather goods, automotive and packaging industry.

Mandarin CP