Flash note: Strategic and financially positive acquisition
La Doria has announced the acquisition of Pa.fi.al. Group for a consideration of €65.2m, representing 7.0 EV/EBITDA based on budgeted 2014 figures. The acquisition makes La Doria the leading Italian producer of private-label ready-made sauces, extending its exposure to higher value-added, higher-margin business segments. The acquisition is 60% debt funded and 40% funded from existing liquidity, and we calculate immediately low double-digit earnings enhancing (pre synergies). Completion is expected by the end of November.
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