Nixon Peabody, Willkie Farr & Gallagher LLP and Shulklapper Associates LLP advised on the transaction.
Parmacotto, LLC is a new player in the American food market. 70 percent of the company is controlled by Parmacotto, SpA, founded in 1978 in Parma, Italy. The remaining 30 percent of the LLC is owned by the founding members of Cibo Italia, LLC, Larry Saia and Alessandro Sità, who are now respectively President and CEO of Parmacotto, LLC.
Parmacotto’s core business is in the production of cooked ham (prosciutto cotto) and its core value is in using top quality products that are 100 % made in Italy, which is the focus of its product launch in the United States market.
Parmacotto, LLC results from the acquisition of Cibo Italia, LLC, established 10 years ago to sell Italian “salumeria” (cold cuts and cured meals) in the US market to both large-scale retail and traditional delicatessens.
Parmacotto, LLC aims to reach an annual growth of 25 percent within the next 3 years, with a target turnover of $20 million by 2020.
With a consolidated turnover of 72 million euros in 2018, Parmacotto operates in the Italian market producing and selling high quality cured meats to large scale retailers and traditional deli sales. It has two production facilities in Marano (PR) and San Vitale Baganza (PR) and has about 150 employees. In addition to cooked ham, which represents the core business of the company, Parmacotto can offer a wide range of products: from traditional salamis to ready-to-eat cold cuts.
Nixon Peabody advised Parmacotto on the deal with a team led by partner Charles R. Bernardini.
Willkie Farr & Gallagher LLP and Shulklapper Associates have advised Cibo Italia LLC.
Involved fees earner: Charles Bernardini – Nixon Peabody LLP;
Law Firms: Nixon Peabody LLP;