Orsero marks its entry into the US market with an investment in the Trucco Group

(Il Sole 24 Ore Radiocor) - Orsero celebrates its listing on the US stock exchange. Shares in the group, which specialises in the import and distribution of fresh fruit and vegetables, are bucking the market trend following the announcement of the acquisition of 45% of the share capital of Trucco Holdings – which holds the entire share capital of Trucco and TruFresh Logistics – and the agreement to acquire 46% of Aj Trucco.

The companies – collectively known as Gruppo Trucco - operate in the distribution of fresh fruit and vegetables in the north-east of the United States, with an 18,000-square-metre warehouse in Vineland, New Jersey, and a significant direct presence in the ‘Hunts Point Produce Market’ wholesale market in New York. The consideration for the transactions is $46 million. The agreement also provides for put and call options on a further 15 per cent of Trucco Holdings’ share capital, exercisable from the 2029 financial year onwards. At the end of the option exercise period, Orsero could hold 60 per cent of Trucco Holdings’ share capital, whilst the remaining 40 per cent would remain owned by Nicola Pacia, Chairman and CEO of Trucco.

The Trucco Group boasts extensive experience in the US market, particularly on the East Coast: it markets and distributes a wide range of high value-added products, including kiwis, blueberries, citrus fruits, garlic, chestnuts and dried fruit. Its market positioning enables it to supply the leading US retail chains, as well as a broad customer base in the catering sector and amongst small and medium-sized retailers, particularly in the New York and New Jersey markets. The transaction enables Orsero to expand into a new geographical area, which is particularly buoyant in terms of population growth and consumer spending.

From a corporate and governance perspective, Trucco will retain the same level of independence that the Group typically guarantees to its subsidiaries, and the current shareholder will remain at the helm of the company and will continue to hold the positions of chairman and chief executive officer for a minimum period of six years. Raffaella Orsero and Matteo Colombini will join the board of directors with immediate effect and will work closely with the Pacia family on the company’s future development and growth. “The United States represents a growing market, rich in opportunities and commercial synergies and characterised by a rising demand for fresh produce,” commented Raffaella Orsero, vice-chair and CEO of Orsero, and Matteo Colombini, CEO of Orsero – “This strategic move will enable the Group to reach new heights, giving us a global perspective and exposure to a market that is unique in terms of purchasing power and consumer trends.”