Research Update: Italy-Based Private-Label Food And Beverage Maker La Doria S.p.A. Assigned 'B' Rating; Outlook Stable

Italy-based private label food and beverage manufacturer La Doria S.p.A. plans to place €500 million of senior secured floating rate notes due 2029 to fully refinance its €346 million existing bank debt due 2028-2029, fund a €125 million one-off dividend payment to its shareholders, cover transaction costs, and maintain some additional cash on balance sheet. La Doria is owned by private equity group Investindustrial, which has an 81.2% indirect stake, while the founding Ferraioli family retains 17.3% ownership and management has 1.5%. In 2023, the group generated revenues of €1.24 billion and EBITDA of €146 million primarily from the U.K. (58% of sales) and Italy (15%), where the group has leading position in private label tomato derivatives, ready-made sauces, and

...- Italy-based private label food and beverage manufacturer La Doria S.p.A. plans to place 500 million of senior secured floating rate notes due 2029 to fully refinance its 346 million existing bank debt due 2028-2029, fund a 125 million one-off dividend payment to its shareholders, cover transaction costs, and maintain some additional cash on balance sheet. - La Doria is owned by private equity group Investindustrial, which has an 81.2% indirect stake, while the founding Ferraioli family retains 17.3% ownership and management has 1.5%. In 2023, the group generated revenues of 1.24 billion and EBITDA of 146 million primarily from the U.K. (58% of sales) and Italy (15%), where the group has leading position in private label tomato derivatives, ready-made sauces, and beans. - We assigned our 'B' long-term issuer credit rating to La Doria and 'B' issue rating to the proposed 500 million of senior secured floating rate notes due 2029 with a recovery rating of '3' (55% recovery prospects). As...

Research Update