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Guaresi acquires Grim agricultural machinery

07/04/2023

François-Xavier Branthôme
Guaresi s.p.a.
Italy,
WPTC
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According to the Italian daily Il Sole 24 Ore, Guaresi spa, a leader in terms of Italian excellence for self-propelled agricultural machinery, has just acquired Grim srl, a company based in Jesi (Ancona) and specializing in the design, construction and marketing of self-propelled agricultural machinery for crop protection. The company has recorded a turnover of around EUR 10 million. Since June 2022, Guaresi has been controlled by Hyle Capital Partners sgr, through the fund "Finance for Food One", which specializes in investments in Italian agri-food companies and related activities.

This is the first expansion transaction for Guaresi since Hyle Capital joined the Guaresi family in June 2022. With this acquisition, Guaresi, which closed 2021 with net income of EUR 20.5 million, an EBITDA of EUR 5.6 million and EUR 12 million in net cash, is now targeting revenue of EUR 40 million in 2023 and aims to raise the group's income to around EUR 50 million within five years, with a target of EUR 35 million for Guaresi and EUR 15 million for Grim.
For the future, other acquisitions are on the horizon, always in the sector of high-tech machines, specifically self-propelled and specialized in horticulture, "a niche in full expansion", according to Guaresi's CEO Massimo Zubelli and President Livio Marchiori. 

Founded in 1932 in Pilastri in the province of Ferrara, Guaresi today develops mainly tomato harvesting machines for the canning industry, with a wide range of state-of-the-art pickers and sorters, marketed worldwide. Currently, Guaresi operates two production sites on a total of 10,000 square meters, divided between production and storage. A plan is in place to double the production capacity of the two plants in the provinces of Ferrara and Ancona, to which the company is expected to dedicate a share of 2023 investments is around 5-6% of its sales, in line with the performance of the most innovative companies in the sector. "The acquisition of Grim is part of Guaresi's growth plans in terms of expanding our portfolio of products on offer. It also allows for commercial, technical and industrial synergies," according to Zubelli and Marchiori, who also stated: "The processing tomato market is currently experiencing a positive period worldwide. The pandemic has depleted stocks of canned products. Drought has reduced crops by 10 to 15%. Demand for this type of commodity has increased. With stocks not yet replenished, with high demand and high prices, everyone has increased their acreage to meet the demand. And that requires more harvesting machinery."
Guaresi gets 85% of its turnover from exports, which this year were mainly to China and Turkey.

Sources: bebeez.it

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