Unilever you eat ice cream Grom – BeBeez

cream Grom go to the international giant Unilever . The announcement was made yesterday (see press release here) and takes place two years later when, in the autumn of 2013, the two founders, Federico Grom and Guido Martinetti , seeking capital or new partners, in addition to the group Illy (5%), the Japanese Lemongas Fukuoka (6.74%) and the Turkish Ikfram (5.66%) for their project (see other article of BeBeez ).

The search for new members was due to the fact that it needed a capitalization to continue to fund the national development policy and international, once securing the financial structure, after which in 2012 had recorded the first net loss since the start of the budget (EUR -911 thousand compared to a positive EBITDA of EUR 602 thousand). The loss was mainly attributable to higher borrowing costs paid to service the credit facilities at the end of 2012 amounted to EUR 11 million (net debt is 7.4 million).

In two years later things have not improved in terms of profitability, although the debt has fallen. The financial statements as of September 30, 2014 closed with a turnover of 27.6 million (+ 4.8%), EBITDA of EUR -240 thousand and a loss of 2.4 million (an increase over the red 1.7 million the previous fiscal year). All with debts to the banking system of 7.2 million and a negative net financial position of 5.5 million, compared with a net worth of 4.6 million.

So in the management report as reported by MF-Milano Finanza on June 23, it referred specifically to the needs of “new extraordinary transactions in support of their financial needs,” and then “or a new recapitalization or the use a bond “.

The two entrepreneurs, both holders of a share of 41.3%, in the end they gave up these options, accepting the offer of Unilever (48.4 billion in revenue with a net profit of 5.17 billion in 2014), giving it control of the chain of 67 ice cream shops in Italy and abroad (Dubai, Jakarta, New York, Hollywood, Malibu, Osaka and Paris) which, however, will continue to manage.

The value of the transaction was not disclosed but it can be calculated with reference to the equity value assigned Grom group Illy when, in 2011, entered the capital detecting 5% to 2.5 million. MF Milano Finanza recalls that at the time, therefore, the company was worth a total of 50 million. A figure well above the current rating if it is true that, according to market rumors, in recent years some private equity funds have come forward putting on the plate an enterprise value of 30 million.

It should be said that the foundation in 2003 to today, the shareholders and management have invested resources in industrial development and international expansion. To the point that in the plans of Martinetti and Grom were landing short in the UAE and the USA, in Los Angeles, Chicago, and elsewhere in Florida and Nevada. A task that obviously requires massive capital, as well as other diversification of trade, or the landing place in shopping centers and railway stations. Meanwhile, on the industrial side, one of the objectives was the enlargement of the business of packaged ice creams.

The distinctiveness of Grom is the management of agriculture, through the ‘ organic farm Mura Mura and the exclusive use of the best ingredients to create high-quality ice creams and sorbets without emulsifiers, colorings and flavorings.