Equinox acquired a 63% majority stake in Gruppo Salpa. The founding family (Cherubini) sold their shares but reinvested significantly to retain a 35% stake, while the management team holds the remaining 2%. The transaction implies a high valuation multiple. The auction process was highly competitive, attracting interest from major industrial players (Barry Callebaut, Dr. Oetker) and numerous private equity funds (Investindustrial, NB Renaissance, Riverside). The new ownership plans to expand production capabilities and pursue acquisitions in the "Decoration & Covers" segment, with a specific focus on entering the United States.

GRUPPO SALPA, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 10.1x average currently observed in the AgriFood sector.

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