MILAN (Reuters) - MIR Capital, a private equity fund set up by Italy’s largest retail bank Intesa Sanpaolo (ISP.MI) and Russian lender Gazprombank, will invest in chocolate retail chain Cioccolatitaliani, the confectioner said on Monday.
The Italian-Russian private equity firm will buy a minority stake in the holding company that owns Cioccolatitaliani and inject 12 million euros ($13.22 million) to support its expansion by opening new stores in Italy and abroad.
The food chain, which offers ice creams and chocolate pastries, currently has 35 stores with 50 new openings planned in the next three years.
With the support of MIR, turnover is expected to triple in three years from 40 million euros in 2019.
Vitale&Co, PwC and GOP have acted as financial and legal advisers to Gesa, the holding company which owns Cioccolatitaliani while MIR Capital has been supported by accounting and financial consultant Grant Thornton and legal firm Allen & Overy LLP.
Reporting by Francesca Landini; Editing by Kirsten Donovan