The Lombard multinational Ali Group acquired Welbilt, an American company listed on Wall Street, paying $ 24 per share and thus concluding a strategic operation for its positioning in the catering and in particular the fast-food market with stars and stripes. In fact, the group expects sales to increase in the coming months, driven by the ever-increasing demand for food delivery and take-way services from American consumers. This would repay the investment made by 3.4 billion total dollars.
The strategic move
Ali Group, combining its pizza ovens and its ice cream machines, with the fryers and grills for burgers of the American group Welbilt, is preparing to become a global leader in the food sector. And so, the Berti family, which availed itself of the advice of Vitale in the operation, created the largest acquisition of its 58 years of history. In the transaction, Ali Group also availed itself of the advice of Goldman Sachs and Mediobanca, which will also guarantee part of the debt to take over the American company.
A tricolor success
Founded in 1963 a Cernusco on the Naviglio, the company that is in its second generation and is led by Filippo Berti has a turnover of over two billion euros, 10 thousand employees spread over 58 plants and owns prestigious brands such as Carpigiani, Rancilio professional coffee machines and has Autogrill and Starbucks restaurants as customers. It is undoubtedly a beautiful one success story Italian style, which acquires even more clamor in a historical moment in which the Bel Paese has distinguished itself internationally with Berrettini’s sporting enterprises in tennis and the national football team.
The company comment
In recent days, Ali Group, glimpsing the successful conclusion of the operation, had issued a note on the matter: “We are proud to present to the Board of Directors of Welbilt a fully funded, cash offering of USD 24.00 per share, an attractive and safe offering that adds further value to our initial offering and fully guarantees a successful deal. Ali Group has completed due diligence and obtained approval of the loan, with a proposal that continues to be superior in every respect to Middleby’s current offering and which offers a significant reward to Welbilt shareholders and a path to completion without obstacles. We have long admired Welbilt, its wide range of products, the strength of its brand and its team leading the company. We look forward to finalizing the acquisition agreement and welcoming Welbilt and its employees to the Ali Group, thus kicking off the birth of an undisputed leader in our industry by offering a comprehensive product portfolio and global presence “.
Overtaking Middleby’s rivals
Welbilt it had therefore ended up in the sights of the American’s rival Middleby, ma But he made aoffer higher than 18%, more interesting (all in cash) and which protects the occupation and know-how of the American giant. And so first the Welbilt board of directors suggested to the shareholders that it supported the Italians’ “superior offer”, then Middleby announced that it does not intend to move forward, effectively withdrawing its offer. The US group has already turned to the Belgian Novy, which in size is much smaller than Welbilt. For once it is Italy that buys a piece of US technology, and does so on fryers and beverage dispensers for catering, a sector that has seen the Bel Paese excel for a long time now.