Houlihan Lokey Advises White Bridge Investments on the Sale of Nutkao

Houlihan Lokey is pleased to announce that White Bridge Investments (WBI) has sold its portfolio company, Nutkao Group, to Teralys, a subsidiary of Al Mada. The transaction closed on 21 October 2024.
Founded in 1982 and headquartered in Piedmont (Northern Italy), Nutkao Group (Nutkao) is a leading player in the production of hazelnut, pistachio, and chocolate retail spreads, creams, pistachio ingredients, and chocolate.

Nutkao is the result of a buy-and-build strategy started in 2018 by WBI after it acquired a majority stake in the group. In September 2021, Nutkao acquired the Belgian player Boerinneke (now Nutkao Belgium), which focuses on specialty spreads. In October 2021, the group entered the ever-growing pistachio market, acquiring the Italian market leader Pistì.

Nutkao, with more than 500 employees, operates through five state-of-the-art production plants across Italy, the U.S., Belgium, and Ghana, serving more than 700 clients in over 80 countries.

Nutkao is recognised by clients for the superior quality and taste of its products thanks to its (i) distinctive production process, which, for spreads, starts from roasting the raw hazelnuts and uses two stages of refining with cylinders, (ii) innovation capabilities, leveraging a market-leading R&D hub and strong R&D team, and (iii) an end-to-end business model.

Founded in 2013, WBI is an investment holding specialising in private equity transactions. WBI is an active shareholder that provides strategic guidance and financial resources to support the growth of leading businesses within their respective market niches through organic and inorganic growth, operational efficiency, and internationalisation.

Teralys, a subsidiary of Al Mada, was launched to invest in the food and beverage industry internationally. Al Mada is one of the largest long-term private investment companies operating on the pan-African scene and sees a strong strategic fit for Nutkao in its investment portfolio, particularly with Patisen, a leading chocolate and peanut spreads producer in West Africa.

Houlihan Lokey acted as the financial advisor to WBI. The transaction demonstrates Houlihan Lokey’s strength in the Italian food ingredients sector, with more than 10 transactions completed in the past few years. It also highlights the benefits of strong local relationships, coupled with deep industry expertise and experience in the European private-label chocolate market, following the sale of Natra to Investindustrial, and its subsequent acquisition by CapVest.

RELATED: Consumer