Renta 4 | Ebro Foods, S.A. has informed the CNMV (Spanish Securities Market Commission) that, through its subsidiary Lustucru Premium Group, it has reached an agreement to acquire the 30% it did not control of the Italian company Bertagni 1882 SpA, Italy’s oldest brand of stuffed pasta.
The Ebro Group already owned 70% of the company since 2018. The remaining 30% was held by the directors, Mr Antonio Marchetti and Mr Enrico Bolla, who will continue to be involved in the management to ensure a successful transition.
The transaction price for this 30% stake has been set at €112.5 million and the acquisition was completed today.
Since Ebro’s entry in 2018, Bertagni has experienced remarkable growth, with sales rising from €70 million in 2017 to €182 million in 2024.
With this transaction, Ebro Foods strengthens its strategic position as the world’s second largest producer of fresh pasta.
Assessment: Positive news. The transaction allows Ebro Foods to acquire 100% of Bertagni, which has demonstrated exceptional growth (160% in sales since 2017) and is positioned in the attractive premium segment of fresh pasta. The acquisition is perfectly aligned with the Group’s strategy of consolidating its growth in high value-added businesses, reinforcing its global leadership in a category with great potential.
We reiterate our OVERWEIGHT recommendation with a target price of €21.0 per share.
