White Bridge Investments sells Nutkao Group to Teralys

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White Bridge Investments (WBI) has sold its portfolio company, Nutkao Group – a producer of chocolate and nut products – to Teralys, a subsidiary of Al Mada.

Founded in 1982 and headquartered in Piedmont, Northern Italy, Nutkao manufactures a range of hazelnut, pistachio and chocolate spreads, creams, ingredients and chocolate products for the retail market.

The company is the result of a buy-and-build strategy established in 2021 by WBI after it acquired a majority stake in the group. Founded in 2013, investment company WBI specialises in private equity transactions, and provides strategic guidance and financial resources to support businesses’ growth.

In September 2021, Nutkao acquired Belgian speciality spreads company Boerinneke, now Nutkao Belgium. The following month, the group entered the pistachio market with its acquisition of Italian company Pistì.

Nutkao now has more than 500 employees and operates from five production plants across Italy, the US, Belgium and Ghana. It serves over 700 clients in over 80 countries.

Teralys was launched to invest in the food and beverage industry internationally. Its parent company, Al Mada, is a private investment company operating in the pan-African market.

According to a press statement from investment banking firm Houlihan Lokey, which advised WBI on the deal, Al Mada sees a ‘strong strategic fit’ for Nutkao in its portfolio, particularly alongside Patisen, a chocolate and peanut spreads producer in West Africa.