Transaction

Clearwater advises Sperlari on the acquisition of a majority stake in Dulcioliva

Transaction

Sperlari acquired a majority stake in Dulcioliva

Buy-side

Undisclosed

Role

Adviser to Sperlari on the acquisition of a majority stake in Dulcioliva

Sector

Food & Beverage

Region

Italy

Clearwater has advised Sperlari, a leading confectionary group, on the acquisition of a majority stake in Dulcioliva, a historic Piedmontese company with almost 100 years of experience in the chocolate specialities sector.

Founded by brothers Luigi and Cesare Oliva in 1924 and based in Borgo San Dalmazzo, Cuneo, Dulcioliva is an Italian leader in the production of Cuneesi alongside chocolate truffles, gianduiotti, pralines such as Noccioghiotti and TasteMe, spreadable creams and chocolate bars. The company is in partnership with other historical Italian brands such as Fernet Branca, Caffè Borghetti and Brandy Stravecchio and has a turnover of over €8m of which approximately 32% is generated abroad in more than 22 countries.

Sperlari, founded in 1836 and controlled by Katjes International Group since 2017, is an Italian leader in the production of torrone, mustard and sweeteners, and is one of the most important players in the candy sector. Its famous brands include Sperlari - candies, Gelées - the famous Torrone, Morbidelli, the mustard, Saila - the refreshing candies made of liquorice and mint, Galatine - the original milk tablets, Dietorelle - sugar-free candies, and Dietor - sweeteners. Sperlari employs more than 400 employees in its Milan and Cremona offices and operates across four production sites.

Thanks to the partnership agreement, Sperlari will benefit from a wide range of chocolate specialities of Italian tradition and will offer Dulcioliva further opportunities for geographical synergies in terms of market presence in Europe, North America and Asia.

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Sperlari and Dulcioliva are two historical Italian companies united by similar values such as product quality and goodness, attention to raw materials, tradition and Made in Italy label. This partnership will offer both companies new development opportunities in Italy and abroad and the possibility to be even closer to clients, meeting their needs of taste and quality through the best expression of Made in Italy.

Piergiorgio Burei, CEO at Sperlari
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From the outset, it has emerged that the two companies are similar in terms of values and complementary from the product portfolio point of view. In addition to paying close attention to the Italian tradition and level of quality, there is an extraordinary synergy with Sperlari that stopped the use of animal gelatine in all its ‘Made in Italy’ products just as our company has long chosen not to use artificial additives, preservatives, hydrogenated vegetable fats and animal fats other than cocoa butter.

Giuseppe Oliva, grandson of Dulcioliva’s founders

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