'Da Vittorio' opens capital: family office and funds bet on starred restaurant

In the last few weeks, the first expressions of interest have arrived for the entry into the share capital of one of the most famous names in Italian catering and cuisine, namely the 3-star Michelin restaurant, Da Vittorio.

A substantial minority stake in the historic group is expected to change hands, and a number of foreign funds and, in particular, large family offices interested in the sector have responded to the appeal. The teasers, i.e. the documentation with the company's sensitive data, have been in circulation for some time now and bear the signature of the appointed financial advisors, namely Banca Imi (Intesa Sanpaolo group) and Emintad. The entry of the new financial partner is aimed at raising capital for the international development of the company and the Da Vittorio brand, not only in restaurants, but also in bistros and hotels. The offers are expected at the beginning of 2025 and the total value of the group, according to market rumours, should be around EUR 300 million.

The Da Vittorio restaurants, famous for the prestigious three-starred restaurant in Brusaporto (in the province of Bergamo), as well as for the establishments in Shanghai and St. Moritz, are owned by the Cerea family. At the beginning of the year, there was an initial reorganisation among the family members: with the generational change in favour of Enrico, Francesco, Alessandro, Rossella and Barbara, children of Gioconda Gritti, widow of founder Vittorio Cerea, who have taken on a more prominent role in the company.

The partner process is ongoing. The spotlight remains on counterparties with an industrial, rather than financial, connotation. The aim is to launch a growth strategy for the company in Italy and abroad, along the lines of other transactions that have taken place in the sector in the recent past: in 2013, the businessman Bernard Arnault, a shareholder of Luis Vuitton and Lvmh, paid 32.8 million, 20 million more than Prada had offered, for 80% of the historic Cova café in Via Montenapoleone in Milan. Then, in 2018, Moncler shareholder Remo Ruffini, through the corporate vehicle Archive, took over a 40% stake in Langosteria Holding, an Italian company that owns the Milanese restaurants Langosteria, Langosteria Bistrot, Langosteria Café Milano.

The birth of the Italian restaurant brand dates back to 1966, when founder Vittorio Cerea, together with his wife, opened his first restaurant in Bergamo. Along with success came the first Michelin star in 1978, which was doubled in 1996. In the 2000s, Da Vittorio entered the super-guide of the world's best restaurants: first with its inclusion in the 'Relais Gourmand', then with its entry in the Relais&Chateaux and Les Grandes Tables du Monde circuits. Finally, in 2010, the coveted third Michelin star arrived.