Croci acquisisce Camon S.p.A.

Mindful Capital Partners unites Croci and Camon creating the Italian leader in the pet care sector

Milan, 24th July 2024 – Croci acquires 100% of Camon S.p.A. and consolidates its leadership in the Italian pet care and accessories market

A little over two years since the entry of Mindful Capital Partners, Croci Group, a leading Italian company in the pet accessories and aquariology sector, announces the acquisition of 100% of Camon S.p.A. (“Camon”), a historic company in the sector based close to Verona.

Camon, founded in 1985 by Roberto Canazza and headquartered in Albaredo d’Adige (Verona), specializes in the development, production, and distribution of premium products for pets, including snacks, functional food, dietary supplements, and pet care products. Roberto Canazza, the current CEO, will reinvest in the Group and continue to be involved in the company’s operational management.

Croci, founded about 30 years ago in the province of Varese by the entrepreneur Dario Croci, has transformed its business model over the years from a distributor to a brand company, specializing in the development and creation of a wide range of pet accessories. Among its products are kennels, leashes, aquariums, toys, snacks, and hygiene products, all characterized by strong components of innovation, sustainability, and design. Croci also has a consolidated presence in international markets, with direct subsidiaries in Germany, France, Spain, and China.

Camon’s business is highly complementary to Croci’s in terms of customers, channels, and core products with a strong position in the snacks, toys, and pet care segments. The operation also allows Croci Group to enter the functional food segment, which is experiencing strong growth.

The acquisition of Camon will increase Croci Group’s turnover from 50 million euro to 85 million euro and will enable significant economies of scale.

Thanks to this acquisition, Croci Group aims to quickly reach a turnover of 100 million euro, consolidating its position as the undisputed leader in the pet care market.

The acquisition of Camon represents another step towards the creation of a leading European player in the pet care and accessories market. The combination

will create a complete group in terms of distribution channels, with a presence in the main international specialized chains, independent stores, and the pharmaceutical channel. In terms of offerings, the new group will be able to boast a wide and complementary catalogue that covers the entire premium range of pet products.

Croci’s established structure will also allow the Group to accelerate its growth path, both in the online channel and in international markets.

“We are really proud to have completed the acquisition of Camon, a leading company in the sector, with a premium brand in some of the most interesting product categories, such as snacks and vet products. The strong complementarity of the two companies will allow us to pursue significant commercial and operational synergies and to reach a significant scale in terms of size” says Andrea Tuccio, Managing Partner of Mindful Capital Partners.

Dario Croci, CEO of the Croci Group, declares: “With the entry of Camon into the Group, we achieve the goal of absolute leadership in the Italian market and bring further acceleration to international expansion, aiming for leadership in the European market“.

Roberto Canazza, CEO of Camon, states: “We are aware that unity is strength, we face this adventure with great enthusiasm with the goal of achieving important professional milestones“.

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Mindful Capital Partners (MCP) is an independent private equity fund, specializing in majority investments in SMEs featuring high growth potential in international markets. MCP is based in Luxembourg, with offices in Milan and Shanghai. Coverage of German-speaking countries is ensured through a long- standing collaboration with a local investment advisor. The integrated presence of the investment team in different geographies allows MCP to offer participated companies decisive support in the development of internationalization strategies.

Mindful Capital Partners controls Croci through a vehicle, Pet Ro, in which, in addition to Riello Investimenti (co-investor since 2022), BNP Paribas BNL Equity Investments also joins.

MCP was assisted by Pavia e Ansaldo for all legal aspects of the transaction, Gitti and Partners for the tax profiles concerning the structure of the operation, KPMG for financial due diligence, OC&C for business due diligence, and Tauw for

environmental and ESG due diligence. Finally, the debt team of PWC provided assistance in relation to the financing package.

Roberto Canazza was assisted in the sale process by the mid-market M&A team of UBS as financial advisor and by the legal firm MGG Studio Legale Associato.

The operation was financed by a pool of financial institutions composed of BCC Banca Iccrea, Banco di Desio e della Brianza, Banca Sella, and BCC Vicentino, assisted by Orrick for legal aspects. Banca Finint acted as Facility Agent and Security Agent for the pool financing.

Tenax Capital Ltd, through the Tenax Sustainable Credit Fund and Finint Investments, assisted by Orrick for legal aspects, supported Pet Ro with mezzanine financing. Banca Finint acted as Paying Agent and Issuing Agent for the mezzanine.

The notarial aspects of the operation were handled by Milano Notai.