Colavita Consolidates North American Operations
Founded by John Profaci Sr. in 1978, Colavita USA is a leader in the food and hospitality industry. The transaction unites the interests of the Colavita and Profaci families in a single location and will facilitate the continued expansion of Colavita brand products in the North American market. Financial terms of the transaction were not disclosed.
Colavita USA will continue to operate its Linden, N.J. headquarters, and its management team will remain in place. Giovanni Colavita, formerly CEO of Colavita S.p.A., will assume the role of CEO of Colavita USA, LLC, while Profaci will become chairman emeritus.
"The Profaci family has developed Colavita into a formidable brand with a loyal following among a large segment of American and Canadian consumers and foodservice customers," said Colavita S.p.A. president Enrico Colavita, adding that "the transaction will strengthen our operating flexibility on a global scale and enable us to offer a comprehensive line of high-quality products to the growing North American market."
"Colavita now ranks as the top-selling Italian brand in supermarkets, and customers rely on us for the highest quality service," noted Profaci. "In the process, we've forged a close relationship with the Colavita family, and share their standards for authenticity and quality."
Hadley Partners, Inc. acted as financial advisor and Norris, McLaughlin & Marcus, P.A. acted as legal advisor to Colavita USA, while Tamburi & Associati acted as financial advisor and Alpeggiani & Associati and Cinotti & Buck L.L.P. acted as legal advisors to Colavita S.p.A.