Apheon is in exclusive talks to acquire a majority stake in Italian confectionery company Salpa Special Food for an undisclosed amount, two sources close to the situation told Mergermarket.
Exclusivity was granted this week and a deal is expected to be finalised before the Christmas holiday break, the sources said.
The bid package, which includes help with development, matches the price expectations of the vendor – private equity firm Equinox – and it fits with Apheon’s proposed next stage of growth, one of the sources said. Apheon is set to buy Equinox’s majority stake in Salpa, one of them added.
Equinox acquired a 63% stake in Salpa in 2021 from the Cherubini family. It has decided to put the confectionery company back on the market due to its strong growth, as reported.
Salpa has been marketed off EUR 23m 2023 EBITDA, as first reported by this news service. Salpa selected second-round bids over 13x EBITDA, as also previously reported.
The sellside is advised by CP Advisors, as reported.
At the time of publication, Salpa had a score of 59 out of 100 according to Mergermarket's Likely to Exit (LTE) predictive algorithm.*
Apheon, Equinox, CP Advisors, and Salpa did not return requests for comment.
