IBF Servizi S.p.A. (“IBF”), a portfolio company of “Nextalia Private Equity” fund, managed by Nextalia SGR (“Nextalia”), together with BF Agricola s.r.l. Società Agricola (part of the B.F. S.p.A. group (“BF”), a company listed on Euronext Milan) as a minority shareholder, has completed the acquisition of Abaco S.p.A. (“Abaco”), European leader in software solutions for the management and control of land resources, from “Idea Taste of Italy” fund, managed by DeA Capital Alternative Funds SGR, and the founding partners.
With this acquisition, IBF strengthens its leading role in the Agritech sector in Italy and Europe, in line with its business plan, and lays the foundations for further growth at international level. The deal takes place less than a year after the acquisition of IBF by Nextalia and the establishment of a strategic partnership with BF in the reference sector.
Abaco offers proprietary technological solutions to Public Administrations, farmers and corporates in the Food sector to support the adoption of precision agriculture practices and the management of agricultural policies, enhancing supply chain data by guaranteeing the traceability of production. Consequently, Abaco has positioned itself as distinctive player in the Agritech sector, in a complementary manner compared to IBF. With offices in Italy and Great Britain and operations across various international countries, Abaco has been able to anticipate the needs of an evolving market and to become, even on an international scale, a trusted partner for many leading industry players and governments, by supporting them in the challenges of innovation, sustainable development, traceability and productivity.
Abaco will continue to be led by the current management team and by the CEO, Antonio Samaritani, in coordination with IBF CEO, Roberto Mancini.
Alberto Vigo, Senior Partner of Nextalia SGR, commented: “We are proud to support the creation of a leading European player in the Agritech sector by leveraging a solid and excellent Italian base. The acquisition will allow IBF, under the guidance the group CEO, Roberto Mancini, to further strengthen its leading role in supporting innovation in the Italian agri-food supply chain, promoting sustainable agriculture through the use of the most modern technologies.”
Filippo Amidei, Managing Director of DeA Capital Alternative Funds SGR, declared:
“We are proud of Abaco’s growth path. Thanks to the commitment of the management team and its employees, the company has more than doubled revenues and EBITDA from 2020 to date, and is now well positioned to face the challenges of the next phase of growth, thanks to the most advanced and complete software platform in the sector”.
Nextalia was assisted by Intesa Sanpaolo, Cassiopea, Mediobanca and Rabobank as financial advisor, by Orrick Herrington & Sutcliffe for corporate legal aspects, by RCCD as financing legal advisor, by CIL Management Consultants for business due diligence and by Ernst & Young for financial & tax due diligence. Abaco was assisted by GP Bullhound as financial advisor, by McKinsey & Company for business due diligence, by Ernst & Young for financial & tax due diligence, by Marsh for insurance related aspects and by Portolano Cavallo and Gianni & Origoni as legal advisor.