Braibanti Golfetto split and sold to new owners in Italy
April 01, 1999
by Teresa Acklin
PADOVA, ITALY Braibanti Golfetto S.p.A., an Italian maker of pasta, milling and baking equipment, has been split into two separate units and sold to new owners, the company announced March 19.
Sasib, a Parma, Italy-based manufacturer of baking and packaging equipment, acquired the Braibanti and Simer divisions.
Braibanti is the pasta equipment business of Braibanti Golfetto S.p.A., and Simer manufactures baking equipment.
Sasib is part of the CIR holding company, controlled by Carlo De Benedetti.
Golfetto, the milling equipment segment, was acquired by B&S Electra, Milan, Italy, in conjunction with Italian Private Equity Fund II. According to the company, B&S Electra is one of Italy's leading specialty private equity finance groups.
Golfetto said its annual turnover in 1998 was L138 billion (U.S.$76.5 million at current exchange rates), up from only L16 billion in 1988 when the company was first acquired by M.G. Braibanti S.p.A. The company said it has operated with a net profit margin of 7%.
Current management will continue to lead Golfetto, the company said.
Braibanti Golfetto S.p.A. was formed in 1996 when M.G. Braibanti, a Milan-based holding company that had a partial ownership in Golfetto since the 1980s, acquired a 100% interest in the flour milling equipment manufacturer. The move was part of a major restructuring that split the company into three divisions: Braibanti for pasta, Golfetto for milling and Simer for bakery equipment.
Golfetto since 1992 has been involved in about 40 flour mill projects a year, most outside of Italy (see World Grain, November 1998, Page 28). Several large projects in the United States included the 860-tonne Italgrani durum mill in St. Louis, Missouri, which is considered the largest durum mill in the world, and the mammoth 950-tonne modern mill complex owned by Amber Milling Co. in Kenosha, Wisconsin.