Private equity firm the Riverside Co. has purchased gelato ingredients maker Optima srl.
Optima, headquartered in San Clemente, Italy, manufactures and markets ingredients for gelato, pastries and other foods. The company, which does business as Mec3, has more than 60,000 customers globally.
“Iced desserts and snacks, particularly high-quality artisanal options like gelato, are becoming increasingly popular globally, and Mec3 is uniquely positioned to capture this global market,” says Riverside partner Karsten Langer.
Riverside, in 2010, invested in another Italian company, Arena Group, a swimwear brand.
The New York and Cleveland-based firm recently acquired Pence & Associatesto add to tax company Paradigm Tax Group. Riverside also recently picked up Be Green Packaging, a consumer goods packaging company. In January, the firm closed a $1.5 billion fund.
Intermediate Capital Group and GE Capital Interbanca provided debt financing for the deal. Lexington Partners, ICG and a large family office investor provided equity co-investments. Allen & Overy, Bain & Co. PwC and Deloitte provided advice to Riverside. BLF Studio Legale provided legal counsel to Optima.