It’s not only fashion, but also Italian food, that is in the sights of Qatar’s investors. IQ Made in Italy, the investment company for Fondo Strategico Italiano and for Qatar Investment Authority, is buying into Inalca (which to date, is a company owned 100% by Cremonini) with an investment of 165 million Euros, 115 million Euros of which will bring about an increase in capital in Inalca, whilst the remaining 50 million Euros will be used to acquire shares in the company held by Cremonini. Once the transaction has been completed, Cremonini will hold 71.6% of Inalca and IQ Made in Italy will hold the remaining 28.4%. After the divorce from its Brazilian partner Jbs in 2010, the Italian leader of beef products (which in 2013 reported revenues of 1,559 million Euros, an EBITDA of 124.9 million and a net profit of 20.6 million) has found a new financial investor to enable growth on the international markets, in particular in the Euro-Asian and African areas, and to make acquisitions as well.
“The proceeds of the increase in capital” as detailed in the statement released by the company, “will be used primarily for organic growth and acquisitions. Inalca, thanks to the support of IQ Made in Italy, will be positioned as a catalyst for the development of the distribution of Italian food products abroad, with the aim of significantly promoting Italian food.”
In future, in addition to the Cremonini family (which is the majority shareholder), FSI, Qatar Investment Authority and Kuwait Investment Authority (via FSI Investimenti), the shareholding structure of Inalca could be extended to other international investors in minority positions, with the continuous aim of strengthening the company’s expansion abroad.
Meanwhile, the leadership is also changing: joining the board is a representative of Qatar along with the director of investments for FSI, Guido Rivolta.
“The investment in Inalca”, states Maurizio Tamagnini, ceo of FSI, “is the first investment of FSI and Qatar’s joint venture. The Italian food sector has a lot of excellent qualities which can grow further with the help of the long-term risk capital. This investment is also aimed at supporting the distribution of made in Italy foods abroad, which has enormous potential.”
“Fondo Strategico Italiano and Qatar Investment Authority”, states Vincenzo Cremonini,ceo of Cremonini, “are highly skilled and qualified long-term investors: this has allowed us to positively evaluate their investment in Inalca and to share with them the strategic vision and the development of our company in the Italian and international food sectors. The structure of the operation through the increase in capital allows us to accelerate our investment and acquisition plans in Italy and abroad.”