December.15.2014
Milan – The second and last phase of the acquisition by the Chinese Bright Food Group, through the controlled Shanghai Yimin n° 1 Food, of the majority stake from the historical Tuscan edible oil Group Salov, holder of the brands Sagra and Filippo Berio, was completed today. After this transaction, Bright Food Group now holds 90 percent of the share of Salov, while Alberto Fontana, historical shareholder of the company, maintains a 10 percent share and will have the role of Group CEO in order to accompany Salov in a new phase of development of its business, in continuity with the previous management.
The sellers, who belong to the Fontana family, have been assisted by the law firms Simmons & Simmons and Gianni Origoni Grippo Cappelli & Partners.
Orrick assisted the acquirers with a team composed of partners Guido Testa and Jeffrey Sun, senior associates Emanuela Longo and Filippo Cristaldi, of counsel Alessandra Quattrini and trainee Filippo Piva.
The deal was awarded in November 2014 in the “Top Investors in Italy” category by the Italy-China Foundation during the China Awards 2014.
Leader in the US and UK markets with the brands Sagra and Filippo Berio, Salov Group operates in the production and sale of olive oil, seed oil and related products. It generates a turnover of over €300 million with market presence in over 60 countries. Bright Food is the second largest Chinese food group and has focused its growth strategy mainly on the acquisition of food companies that represent excellence in the world.