Pitch Best Small Cap Deal 2021: Enrico-Glasbest - Bertolli
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| Name of the deal | Enrico-Glasbest acquires the Bertolli brand from Unilever |
| Date | 4 January 2021 |
| Published value | € 5 – 50 Million |
| Buyer(s) | Enrico-Glasbest |
| Target | Bertolli brand |
| Seller | Unilever |
Involved firms and advisors
Involved firms and advisors buy side:
Squarefield (M&A Advisory), JSA Tax (Tax Advisory), Accuracy (Financial Due Diligence), JB Law (Legal Advisory Corporate M&A), Myerson Solicitors (Legal Advisory Corporate M&A), Squarefield (Debt Advisory)
Involved firms and advisors target:
n/a
Involved firms and advisors sell side:
PwC (M&A Advisory), Baker McKenzie (Legal Advisory Corporate M&A)
Pitch
Brief description deal / Deal outline
Enrico-Glasbest, a Dutch food wholesaler, has acquired the Bertolli brand from Unilever. The acquisition concerns, among other brand rights under the Bertolli license, the European activities of Pasta Sauces, Pesto and Mayonnaise. The Bertolli Olive Oil and Margarines businesses were previously sold by Unilever to Deoleo (2008) and KKR/Upfield (2018) respectively. The Japanese Mizkan Group owns the Bertolli brand in the United States since 2014. The acquisition is financed by Victus Participations, management and Rabobank.
Why should this deal win the Award for Best Deal 2021?
Bertolli is an iconic brand with a history of over 150 years. Two former Unilever executives were closely associated with Bertolli and were always impressed by the brand and its enormous potential. The two initiated the acquisition by entering negotiations with Unilever. To buy Bertolli, they teamed up with Enrico-Glasbest, a trading and production company that is a major player in the sale and distribution of Mediterranean foods in the Benelux. Together they have the ambition to take the brand and the business back to unprecedented heights. The deal is a great example of entrepreneurship and how to make your dreams and ambitions come true.
Deal rationale:
The Bertolli brand fits seamlessly into Enrico-Glasbest's strategy and ambitions: The company has seen significant growth in recent years and is ready for this step forward. Enrico-Glasbest sees tremendous potential in the brand with a history dating back to 1865. They expect to create more value with more attention and increased investment in quality, innovation and marketing.
What is the impact of this deal for the company?
No employees and production sites were taken over after the transaction. Bertolli products will continue to be produced by the current manufacturers. To enable a smooth integration, a transition period of six months was agreed, during which Unilever continued to handle distribution and operations for the Bertolli brand.
What is the impact of this deal for the direct stakeholders?
Unilever bought the brand in 2008, and shortly after the acquisition, Unilever sold Bertolli's olive oil division to Spain's second largest food group Deoleo. In 2014, Japan's Mizkan Group snapped up the US rights to several key Bertolli products and in 2017 Upfield acquired Unilever's Bertolli margarine business by buying the company's spreads business. Unilever's sale to EnricoGlasbest is the last of its Bertolli assets. Entrepreneurship is present at all levels at Enrico-Glasbest and the infrastructure is ready to grow further. The two former Unilever executives now hold leadership positions at Enrico-Glasbest.
What is the impact of this deal on society?
Enrico-Glasbest has grown from a small family business to an internationally operating company. And with the acquisition of an authentic Italian brand, the company is ready to take the next steps. A great example of Dutch entrepreneurship.
What was most complex about this deal?
The acquisition concerned, amongst other trademark rights under the Bertolli licence, the European Pasta sauces, Pesto and Mayonnaise activities, pursuant to an asset transfer.
