NATRA acquired by INVESTINDUSTRIAL

World Confectionery Group, an investment vehicle controlled by Luxembourg-registered private equity firm Investindustrial Advisors, moved to take full ownership of Madrid-headquartered chocolate and cocoa derivatives maker Natra through a voluntary takeover bid for 100% of its shares and convertible bonds. Launched in January 2019 at , the offer was revised four months later, with the bidder raising its price to EUR1 in cash per Natra share and the same for each convertible share, up from EUR0.90 and EUR1.00 respectively. By 18 July 2019, Spain's stock market regulator CNMV confirmed that holders representing 90.26% of Natra's share capital had accepted, clearing the way for World Confectionery Group to demand the squeeze-out of all remaining shares and bonds. Natra's board backed the bid and issued a report to the CNMV outlining the bidder's plans, while Arcano served as sole financial advisor on the launch and execution. Natra specialises in chocolate products for private-label brands and other food companies, alongside cocoa derivatives; its consumer goods division manufactures chocolate tablets, countlines, spreads and Belgian chocolates and specialities, sold mainly in Germany, France, Belgium, Holland, Spain and the UK. The company runs six production centres across Spain, Belgium, France and Canada and employs more than 1,000 people. Investindustrial, founded in 1990, focuses on middle-market companies in Southern Europe across industrial manufacturing, consumer, leisure and business services. Natra forecast net sales of for 2018, up 7% year on year, with an EBITDA of and net profit of EUR23.8m, against a 2017 net loss of EUR9.9m.