Houlihan Lokey Advises Apheon

Houlihan Lokey is pleased to announce that Apheon has acquired a majority stake in Salpa & Cherubini (Salpa). The founding family and management will reinvest a portion of the proceeds into the company and will continue to contribute to the business expansion at a national and international level. The transaction closed on December 21, 2023.

Founded in 1934 by the Cherubini family and headquartered near Perugia, Salpa is the undisputed leader in Europe in the production of cookie-based ingredients and inclusions. It is globally recognized as a unique leader in the production and distribution of high-quality cookie-based ingredients, such as ice cream cookies, gluten-free bakery products, decorations, and inclusions/coverings for the ice cream, dairy, and confectionery industries. Its distinctive production know-how and innovative proprietary technologies allowed Salpa to become a one-stop shop solutions provider for major ice cream and confectionary producers. The company can leverage a solid and loyal customer base, which includes top industrial global players and retailers for breadcrumbs.

Apheon is a pan-European middle-market private equity investment company with approximately €2.7 billion of assets under management from a selection of global institutional investors and families. Since its founding in 2005, Apheon has raised more than €3.2 billion in capital, invested in 38 companies across Europe, and completed approximately 160 add-on acquisitions for a total aggregate transaction value in excess of €7.0 billion. Apheon’s current portfolio consists of 21 companies across its target sectors, representing about €3.0 billion in sales, and has 22,000 employees.

Following the acquisition of Salpa, Apheon will support the growth of the business through the expansion into new geographies and product categories.

The transaction demonstrates Houlihan Lokey’s strength in the global food ingredient sector as well as the benefits of strong local relationships coupled with deep industry expertise.