Clearwater International advises JBS and Rigamonti on the acquisition of 100% of King’s
Clearwater International has advised JBS, a Brazilian world leading global animal protein-based food company, and Rigamonti, a specialist in the production of Bresaola I.G.P., on the acquisition of 100% of King’s group, the first Italian operator active in the production of Prosciutto di San Daniele D.O.P. and an important player in the production of Prosciutto di Parma D.O.P.
The deal covers the commercial operations of two historic brands, renowned for their high quality in the Italian delicatessen market: King’s brand, established in 1907 in Sossano, Veneto, recognised by the Italian government as a “Historical Brand of National Interest”, and Principe brand, established in 1945 in Trieste, Friuli-Venezia Giulia.
The entire management of these assets will be assumed by Rigamonti, a world leader in the production of Bresaola I.G.P., which, following this transaction, will also hold an indirect 20% equity stake in Birla, Italy’s first producer of sustainable, 100% antibiotic-free pigs, with facilities in Mantova and Verona, through King’s. King’s group is expected to reach net revenues of approximately €110m by the end of 2021.
Thanks to an investment of €82m ($92.5m), Rigamonti acquires four plants in Italy, two in the province of Parma, one in Vicenza and the fourth in Udine, as well as the entire operations of Principe in the US, which includes a plant dedicated to slicing cuts in New Jersey.
The acquisition of King’s group facilities and brands is strategic to the expansion of JBS in the US and Europe, but also in other regions as the company will now have a portfolio and a structure to produce and distribute authentic Italian specialties worldwide.