New frozen foods group formed in Genoa (News)

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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Mandarin CP