Saima taps Lazard to find majority investor, market sounding ongoing - sources

25 April 2020 - 07:49 am UTC

by Giovanni Amodeo in London and Micaela Osella in Milan

Italy-based Saima, which specialises in supplying baked goods and ingredients to patisseries, restaurants and cafes, has tapped Lazard to find a majority investor, four sources familiar with the situation told Mergermarket.

 

No formal process has launched yet, the sources said, but Lazard is sounding out potential bidders. Bids are not expected until the COVID-19 situation is back to normal, one of the sources said, adding that in the meantime, meetings can only take place online.

 

Between 60% and 70% of the company’s capital is for sale, two more sources said, as the owning family intends to remain involved in the business after the transaction.

 

Saima is profitable, these two sources continued, adding that the company generates EUR 8m EBITDA on EUR 50m revenue.

 

The company is unique in its space as it has no direct competitors, the first source said. Given the scarcity of similar dossiers and the strong demand for its products, Saima could fetch a double-digit valuation once the coronavirus crisis is more under control, this source continued.

 

Management has decided to open the company's shareholder base to accelerate its growth plan, the fourth source said. Saima intends to build a capillary distribution network to serve the domestic market, he said, adding that while it is well positioned in Campania and Southern Italy, it still has substantial space to grow in the country. The new investor will help with business development on this front, the source added.

 

Saima is owned by the founding Alessandrini family. It is headquartered in San Marco Evangelista, in Caserta province.

 

The company did not return requests for comment, and Lazard declined to comment.