Argos Wityu completes the acquisition of Dimar “Sapore di Mare”

Argos Wityu completes the acquisition of Dimar “Sapore di Mare”

Argos Wityu completes the acquisition of Dimar “Sapore di Mare”green_squares


Milan – Argos Wityu announces the acquisition of a majority stake in Dimar, a company based in Corridonia (Central Italy) and Italian leader in the retail distribution of frozen fish and seafood through a network of over 70 “Sapore di Mare” franchisee shops.

Dimar’s founders, Giorgio Longhi, Massimo Mucci and Andreina Mucci, will retain a significant minority stake (25%) in the company.

Argos Wityu’s investment in Dimar is aimed at supporting a strong development plan that Dimar intends to pursue in the next five years. The common goal of the enlarged shareholder base is to increase revenues (doubling current turnover) through the opening of 50 new points of sale.

According to the Fund and the Entrepreneurs, this development could lead, to the listing of the Company on the Italian Stock Exchange. In order to reach this ambitious goal Argos intends to support Dimar in its transformation from a “local champion” to a “small multinational”.

Giorgio Longhi, Massimo Mucci and Andreina Mucci comment that: “Having Argos Wityu join our shareholder base is a demonstration of the quality of our twenty-year entrepreneurial journey, but it is only an intermediate step in our development process. We are sure that the Argos professionals, Jean Pierre Di Benedetto and Alessio Manigrasso, will bring to the company experience and know-how which is perfectly complementary to ours.”

Jean Pierre Di Benedetto, a Partner in Argos Wityu commented that: “Dimar is a perfect example of what Argos looks for in an investment opportunity: a company with strong potential and an innovative attitude, operating in a market with favorable fundamentals. It is also, and this is very important, a company founded and lead by visionary entrepreneurs with whom we share common goals. In a market such as that of retail food distribution, dominated by “multinational giants” in which it is extremely difficult to truly innovate, these entrepreneurs succeeded in creating a winning formula and a really innovative and appealing store format. We are confident that in conjunction with them and the Dimar staff, we will lead the company towards new and challenging goals.

About Dimar

Dimar, through the franchise shop chain “Sapore di Mare”, is the Italian leader in the retail distribution of frozen seafood and food. The more than 70 “Sapore di Mare” shops are characterized by an innovative format that provides the customer with a very large range of high-quality seafood products, coming from all over the World and subject to very rigorous controls and

HACCP protocols. The selling format combines the convenience, ease-to-use, reliability and safety of “on board frozen” seafood, with a shopping experience in a very appealing environment, characterized by an innovative design and aligned with the high quality of products sold. The more than 70 shops are located mainly in Northern and Central Italy and a strong expansion of the network is planned, especially in Northern Italy.

About Argos Wityu

Argos Wityu is an independent European private equity group with offices in Paris, Milan and Geneva.

Since its creation in 1989, Argos Wityu has carried out more than 50 transactions focusing on management buy-outs and buy-ins in small and medium companies. Argos Wityu typically takes majority stakes ranging from €10m to €50m in companies with revenues of €20m to €400m.
The firm has developed a track record of unusual, complex and off-market transactions where the firm’s combination of local presence and international experience is able to add value to the small and medium-sized businesses it invests in.

At the end of 2010, Argos Wityu raised its new Euroknights VI fund with a hard cap of €400m. The firm has assets under management of €750m allocated to its lower mid market buy-out funds and Argos Expansion, the firm’s minority equity and expansion capital fund which held a first close in 2010.

Contacts

Argos Wityu : Jean Pierre Di Benedetto (Partner), Alessio Manigrasso (Investment Manager), Pierluigi Rotundo (Associate)
Dimar : Giorgio Longhi, Massimo Mucci, Andreina Mucci
For more information on Dimar www.saporedimare.it/

Press contact, Céline Lanoux, +33 1 53 67 20 50, clanoux@argos.wityu.fund

 

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