LINDEN, NJ and ROMA, ITALIA (December, 2008) – Colavita S.p.A., one of the leading global manufacturers of authentic Italian olive oils, announced today that it has consolidated its business with the acquisition of a majority interest in Colavita USA, LLC, the exclusive importer, marketer, and distributor of COLAVITA® branded oils and other authentic Italian foods in North America. The transaction brings together the interests of the Colavita and Profaci families under one roof and will facilitate the continued expansion of COLAVITA branded products in the North American market. Financial terms of the transaction were not disclosed. Colavita USA’s operations will remain in Linden, New Jersey and its management team will also remain in place. Giovanni Colavita, formerly the Chief Executive Officer of Colavita S.p.A., will assume the role of Chief Executive Officer of Colavita USA, LLC and John Profaci Sr., the original founder of Colavita USA, will assume the role of Chairman Emeritus.
“The Profaci family has developed COLAVITA into a formidable brand with a loyal following among a large segment of American and Canadian consumers and foodservice customers. We are enthusiastic about working alongside the Profaci family to take COLAVITA to the next level through several operating and marketing initiatives we plan to pursue,” explained Enrico Colavita, president of Colavita S.p.A.. He added “the transaction will strengthen our operating flexibility on a global scale and enable us to offer a comprehensive line of high-quality products to the growing North American market.”
“For nearly 30 years we’ve worked hard to build this brand, offering products made from authentic ingredients and providing our customers with high quality service” said John Profaci, Sr. “We have forged a close relationship with the Colavita family these years and we share their standards for authenticity and quality; it is opportune to form a closer partnership that will create a more robust platform to strengthen our success.”
Hadley Partners, Incorporated acted as financial advisor and Norris, McLaughlin & Marcus, P.A. acted as legal advisor to Colavita USA, LLC. Tamburi & Associati acted as financial advisor and Alpeggiani & Associati along with Cinotti & Buck L.L.P. acted as legal advisors to Colavita S.p.A.
About Hadley Partners, Inc. (www.hadleypartners.com)
Founded in 1999, Hadley Partners always seeks to provide the highest-quality merger & acquisition advisory, private placement and financial advisory services. It has a world-class team of veteran bankers that bring Wall Street experience to middle-market and emerging growth companies. Its goal is to develop relationships of trust with the leaders of these companies and with investors that pursue investment opportunities in such companies. It provides services in a fair and flexible manner, and always puts its clients’ interests first. Hadley Partners is a registered broker-dealer, and a member of the Financial Industry Regulatory Authority. For more information on this transaction please contact:
(310) 640-7090 firstname.lastname@example.org
About Colavita USA L.L.C. (www.colavita.com)
Colavita USA is a leading marketer and manufacturer of authentic Italian olive oil, pasta, vinegars, sauces, vegetables and other foods under the COLAVITA® and DAL RACCOLTO® brands. Colavita products are sold through thousands of food retailers and directly to many restaurants and other foodservice establishments. For more information please contact Nicole Jeannette at (908) 862-5454 ext. 129.
About Colavita S.p.A. (www.colavita.it)
Colavita S.p.A. is a leading global manufacturer of olive oils, which it markets under the COLAVITA® and DAL RACCOLTO® brands along with other authentic Italian products including vinegars, marinated vegetables and other Italian fine food specialties, in Italy and in several countries worldwide.
For more information please contact Teresa D’Alessio at (+39) -0874-90-245.
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