Starlaks had revenues of EUR 16.1 million in 2020.
European Food Agency News reports that Arcadia Sgr has acquired 100 per-cent of Starlaks Italia. It is the fourth investment of the private equity fund Arcadia Small Cap II.
The agreement was signed with the founding partners of Starlaks’ Andrea Balbo, Alex Brustia and Gaudenzio Brustia. In 2012, they started the business of processing, smoking and packaging salmon in the province of Novara, northwest Italy.
The company offers salmon both under its own brand and private label, selling its products mainly to large-scale retail chains throughout the country. HoReCa channels and Cash & Carry are served marginally.
On the 30th of June 2020 (the closing date of the last financial year), the company recorded net revenues of EUR 16.1 million, recording a weighted average 2017-2020 growth of 13.8 per-cent.
Arcadia will now involve a new team of managers. Franco Rigamonti will be chairman of the board. Lelio Mondella, manager of the consumer goods sector with specific previous experience in the seafood sector, will serve as CEO. And Arcadia business partner Giorgio Mancarella will take care of improving the company’s planning, control and reporting processes.
Arcadia CEO Simone Arnaboldi, who followed the transaction with the support of investment manager Giovanni Barbujani, said that the salmon smoker had “ample room for growth”.
“Starlaks is a successful company, developed by the founding partners on the basis of the definition of high quality standards of the product, strengthened by sustainability policies which represent, for Arcadia, one of the main drivers in the analysis of its investments.
“The company has ample room for growth both organically and through the aggregation of other operators active in the same market segment , or in neighboring segments of the fishing industry. The competitive scenario of Starlaks is in fact characterized by the presence of small-medium sized companies that could be aggregated to the Project,” said Arnaboldi.
Banca Euromobiliare acted as advisor to the sellers, Ethica Debt Advisory for Arcadia, with Banco Bpm providing the credit lines.
