Neronobile sells 67% stake to UK-based EOS IM

Through its fund EOS PE, the UK-based alternative asset manager EOS Investment Management has acquired a 67% stake in Neronobile, a company based in Vicenza, Italy specialising in the production and marketing of coffee, tea, herbal teas and soluble products in capsules.

Founded in 2002 by the Furia family, Neronobile earned a strong international reputation for its continuous process development, tireless research into technologies and materials and an extremely broad and diversified product range. This strategy has brought outstanding economic results, including revenues of €20 million in 2017 (equivalent to sales of more than 200 million capsules) and an EBITDA of more than €3.2 million. In 2018 the company expects to see further revenue growth to €24 million.

EOS Investment’s management sees strong potential in the capsules segment, which is expected to account for 42% of the Western European coffee market by 2021. Italy ranks fourth in the segment with a 30% share of the total, but this is projected to increase to 43% by 2021. Growth in the UK is expected to double over the same period to reach 13%.