SORESINA – It happens for the first time in the national panorama that a first degree cooperative, Latteria Soresina, and an entrepreneurial joint-stock company, Zanetti Spa, join forces to conclude an important corporate acquisition, with an innovative agreement model.
Latteria Soresina, with its 518 million euros of consolidated turnover, is the largest first degree cooperative in the Italian dairy world, world leader in the production of Grana Padano and recognized for excellence such as Butter, Provolone, packaged milk, Gorgonzola and Parmigiano Reggiano.
Zanetti Spafounded in 1900 and controlled by the family, is the largest seller and leading exporter of Grana Padano and Parmigiano Reggiano as well as other Italian excellences, with a turnover of over 680 million, 70% on foreign markets in 108 countries.
Due to its size, this is an operation of primary importance in the dairy world and in particular in the markets for PDO hard cheeses such as Grana Padano and Parmigiano Reggiano.
The target company of the operation, Saviola Spa, with its turnover of over 140 million, achieved mainly through the sale of Grana Padano and Parmigiano Reggiano, has long been a primary player in these markets.
The president of Latteria Soresina Tiziano Fusar Poli: “As with all our acquisitions, for us these are ua strategic operation aimed at the industrial growth of Latteria Soresina. Addressing increasingly concentrated markets that require investments in innovation, sustainability and efficiency means integrating ourselves with new resources consistent with our corporate lines to equip ourselves and give continuity to our over 124 years of history. The assets that will be contributed by Saviola will be very important in order to pursue our mission and our strategies.”
Comment the general director of Latteria Soresina Michele Falzetta: “Technically it is an agreement finalized on April 17th, through a new synergistic model between the industrial and cooperative worlds. Pragmatic model that overcomes prejudices but focuses on the result, also by virtue of a continuously concentrated dairy market”.
It’s about a strategic operation aimed, on the one hand, at consolidating the presence of high added value products of Latteria Soresina and Zanetti in the national and international markets which guarantee by definition the use of Italian milk and, on the other, allows Saviola to continue his business supported by two highly respected entrepreneurs in this sector.
For Attilio Zanetti, president and CEO of Zanetti Spa: “This is a unique operation resulting from a synergistic effort and an unprecedented understanding. In the complexity of the negotiation, every difficulty was overcome thanks to the great understanding that was created, and gradually consolidated, between the top management and operators of the companies involved. Now we move on to the second phase with the joint management by a family business and a cooperative, a new challenge in the Italian dairy panorama, with the aim of strengthening and consolidating the leading position of our great cheeses in the world also for the benefit of the sector and with the consequent positive effects on the entire supply chain”.
For Matteo Zanetti, vice president and managing director of Zanetti Spa, “the acquisition of Saviola Spa goes in the direction of the search for ever-larger dimensions that will allow our company to create increasingly efficient and innovative industrial processes for the benefit of both the final consumer and all the players in the supply chain. In the Grana Padano and Parmigiano Reggiano sector, after years of relative tranquility on the subject of aggregations and concentrations, important M&A and merger operations have been recorded which have increased the size of the market players. Our company, with its over one hundred year history, has always grown in a balanced and sustainable way; this acquisition goes in the same direction and will allow us to supply our customers in an increasingly targeted and widespread way by improving all the processes of our supply chain: production, seasoning, packaging and distribution. We emerge even more strengthened in our role as ambassadors in the world of great Italian cheeses.”
From a management point of view, Latteria Soresina and Zanetti will collaborate in the management of Saviola through a defined corporate organization with the aim of supporting, with their specialized entrepreneurial skills in the sector, the management and development of Saviola in continuity with the current management, confirming Emanuele Attanasio in the role of general director of Saviola Spa.
Latteria Soresina closed the consolidated turnover of 2023 with almost 518 million euros recording an increase of 3% compared to the consolidated figure of the previous year.
The Zanetti group recorded a consolidated turnover of approximately 690 million euros in 2023 with an increase of 6.5% compared to the previous year.
In the aforementioned transaction, the buyers were assisted by KPMG (Litido Domenico, Pugliese Sabrina, Cantini Giulia and Puccio Baldassare), as well as from Renato Tassetti partner of the Pedroli-Venier & Associati firm, while the sellers were assisted by the lawyer Florestano Funaripartner of the associated law firm Panzarini e Soci and the lawyer Paolo Spataro.
Tags: #Saviola Spa #Latteria #SoresinaZanetti Spa consortium
