Pancioc S.p.A., a company active in the management of the Panini Durini ("Panini Durini") branded lunch bar-cold table chain, has been acquired by a pool of investors coordinated by Astraco through an ad hoc special purpose vehicle established and capitalized by the club deal. Fondo Impresa Italia managed by Riello Investimenti Partners SGR co-invested in the acquisition through a mezzanine debt instrument. The founding shareholders will remain co-investors.

Pancioc shareholders were assisted by financial advisor K Finance, a partner of Clairfield International; tax aspects were handled by Studio Villa & Villa e Associati; and legal and contractual aspects were handled by Alpeggiani, Gattai, Minoli, Agostinelli & Partners and Studio Legale Pepe & Ass.ti.

Astraco and the private investors were assisted by the firm DWF for the legal and contractual aspects and by the firm Nctm, for the tax and structuring aspects of the acquisition.
Financial due diligence was completed by Deloitte Transaction Services.
Riello Investimenti Partners SGR S.p.A was assisted by the law firm Pavia and Ansaldo.

Panini Durini, founded in 2011 with the first lunch bar with an innovative format and Italian concept, now has 14 outlets located in the central and most strategic areas of Milan and another 3 inside shopping malls. It has found considerable success in the Milan square thanks to its clever product positioning and operational consistency. The 2018 turnover will be about €11 million.

Astraco, based in Milan, is an independent advisory firm that organizes co-investments according to a transparent, flexible club deal model with incentives strongly linked to performance. Founded and led by Nino Dell'Arte with its two partners Bernardo Calculli and Nicola Avi, it started its operational activities in January 2018, immediately gathering the consensus of many entrepreneurs and managers experienced in business growth and development projects. Entrepreneurs participating in the club deal directly select investment projects to join based on their liking, understanding of the value creation operational strategy, and their own entrepreneurial experiences.