SCP with Finance for Food

SCP with Finance for Food for the Euronext Growth Milan Listing

The industrial and strategic consulting firm specializing in the entire supply chain of the agri-food sector and the managing advisor of the Finance for Food fund raised €2.04 million from investors in an IPO.

Finance for Food S.p.A. (FFF), a benefit corporation specialized in industrial and strategic consulting for the entire agri-food sector and its related fields, such as agro-industry and renewable energy, was listed on Euronext Growth Milan on Wednesday, August 7, 2024, with a market capitalization of approximately €12.8 million and a free float of about 15.9%. This follows the placement of 851,400 shares for €2.04 million in capital increase, at a price of €2.4 per share.

In the listing process, FFF was assisted by EnVent Italia Sim as Euronext Growth Advisor, Global Coordinator, and Research Provider, MAMA Advisory as Financial Advisor, Maviglia & Partners as Deal Counsel, Deloitte as Auditor, Financial DD, and Management Control System, SCPTAX as Tax Due Diligence Advisor, and MIT SIM as Specialist.

Finance for Food was established in Rome in 2016 by lawyer Francesco Gianni, founder of the renowned Gianni Origoni Grippo Cappelli & Partners law firm; Tredici Srl, a vehicle controlled 60% by Paolo Bordi, who previously worked in Assogestioni and is a partner at the same GOP law firm, with Silvia Bordi and Alessandro Merenda (also a partner at GOP) each holding 20%; Paolo Cuccia, president of Gambero Rosso; and Quantum Finance by Angelo Avan.

As of the placement, FFF’s capital is controlled as follows: 51.87% of the ordinary shares (75.12% of voting rights) by Tredici Srl, 15.79% (8.16% of voting rights) by Francesco Gianni, 7.1% (3.67% of voting rights) by Spag Srl (controlled by former president Arturo Semerari), 4.67% (2.42% of voting rights) by Lefin Holdings Srl (controlled by Marco Bassetti and Giovanni Luschi), 4.66% of ordinary shares (2.41% of voting rights) by other shareholders, and 15.91% by the market (8.22% of voting rights).

The share capital of FFF consists of 5,851,400 shares, of which 500,000 are multiple-vote shares, held by Tredici Srl. Including these, the initial market capitalization rises to €14 million.

Upon its foundation, FFF was initially established to provide general advisory services, specializing in the agri-food supply chain and related sectors. Over time, it expanded its advisory activities to include alternative energy sources, renewables, and venture capital. In 2019, FFF launched the Finance for Food One Fund, of which FFF is the management advisor and also a shareholder, while Azimut Libera Impresa SGR initially held the management. In October of that year, the fund announced a first closing of €80 million with a final target of €200 million.

Investments came from institutional investors such as Cassa Nazionale Forense, Empire Investors, and Epap. Subsequently, in 2021, the fund’s management was transferred to Hyle Capital Partners SGR, which shares the same shareholders as FFF. Today, the capital of the SGR is controlled by Tredici Srl (58.2%), Lefin Holdings (19%), ICA Srl (9.5%, linked to Francesco Gianni), and smaller investors, including Quantum Finance.

The Finance for Food One Fund has completed investments in:

• Manuzzi Srl, a producer of dried fruit and shelled dried fruit, in April 2021.
• Contri Srl, a company in the Italian wine sector, particularly in the production of sparkling wines and bottling of still and sparkling wines, in February 2022.
• Guaresi Srl, a company specializing in the design and manufacture of agricultural harvesting machines, in June 2022, which then acquired Grim Srl in March 2023 and Hortech Srl in July 2023.
• Berberé Srl, a company owning a chain of pizzerias in Italy and the UK, in August 2023.
• Kolinpharma S.p.A., a company in the nutraceutical sector involved in the formulation of nutraceutical products, in September 2023.
• Ciemme Alimentari Srl, a leader in the production, distribution, and sale of potato gnocchi, in December 2023.