Houlihan Lokey Advises Dolciaria Acquaviva
Houlihan Lokey is pleased to announce the sale of Dolciaria Acquaviva S.p.A. (Dolciaria), a portfolio company of Apheon minority-owned by the Acquaviva Family, to Vandemoortele. Pierluigi Acquaviva will continue to be part of Dolciaria’s future as Chairman of the Board of Directors. The transaction was closed on June 10, 2024.
Founded by the Acquaviva family in 1979 as an artisanal producer of Neapolitan specialties, Dolciaria has become a leading frozen bakery manufacturer in Italy. With a broad product portfolio of sweet pastries, patisserie, and savory specialties, it is recognized as one of the most innovative players in the sector.
Dolciaria, headquartered in Gricignano di Aversa, Caserta, had a turnover of approximately €120 million in 2023. It employs more than 200 people and operates four production sites in Italy. Through its distribution branch network, the company serves more than 40,000 Italian customers daily in the food services and hospitality industries with its top-quality and much-loved products.
Apheon is a pan-European middle-market private equity investment company with approximately €3.0 billion of assets under management from selected global institutional investors and families. Since its founding in 2005, Apheon has raised more than €3 billion in capital, invested in around 40 companies across Europe, and completed approximately 170 add-on acquisitions for a total aggregate transaction value in excess of €7 billion. Apheon’s current portfolio consists of 20 companies across its target sectors, representing €3 billion in sales and more than 20,000 employees.
Founded in Izegem, Belgium, in 1899, Vandemoortele is a family-owned, leading European food group that operates in bakery products and plant-based food solutions. It produces and sells high-quality food products with a focus on sustainability, from ingredient sourcing to product packaging and shipment.
Following the acquisition of Dolciaria, Vandemoortele will consolidate its position as a key player in the Italian frozen bakery market and further accelerate its growth path. Leveraging its established reputation and respected brand portfolio, it will offer its customers unparalleled quality and innovation across a larger set of categories: bread, savory specialties, pastry, and patisserie.
In the context of the Dolciaria disposal, Houlihan Lokey acted as reference financial advisor to Apheon and the Acquaviva Family. The transaction further demonstrates Houlihan Lokey’s strength in performing relevant transactions in the Italian market with a strong cross-border angle, particularly in the food sector, as well as strong financial sponsor coverage.
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