The Mergers & Acquisition Group of the Bridgewater-based law firm of Norris McLaughlin, P.A., led by Victor S. Elgort, acted as legal advisor to Colavita USA, LLC, in the recent deal, where Colavita S.p.A. acquired a majority interest in Colavita USA. Colavita USA is the exclusive importer, marketer and distributor of Colavita brand oils and other Italian foods in North America. Colavita S.p.A. is a top global manufacturer of Italian olive oils.
Founded by John Profaci Sr. in 1978, Colavita USA is a leader in the food and hospitality industry. Colavita USA will continue to operate its headquarters in Linden, New Jersey, and its management team will remain in place. Giovanni Colavita, formerly CEO of Colavita S.p.A., will assume the role of Chief Executive Officer of Colavita USA, LLC, and Profaci, will become Chairman Emeritus. 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.
“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.’s 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.”
Victor S. Elgort, a Senior Member of the firm, concentrates his practice on business law and tax planning, including the structuring of partnerships and joint ventures, tax-saving real estate and business exit strategies, executive compensation, and domestic and international estate planning matters.
The attorneys in the Norris McLaughlin, P.A. Mergers & Acquisitions Group have structured, negotiated and closed numerous U.S. and international transactions ranging from small-scale to complex multi-million dollar deals. The attorneys have vast experience in all aspects of such corporate transactions, including asset and stock sales, statutory mergers, tax-structured transactions, corporate reorganizations, tender offers, leveraged buyouts, LLC and limited partnership interest exchanges, financing arrangements, due diligence investigations, governmental approvals and clearances, analysis of tax, securities, labor, employee benefits, antitrust, real estate, intellectual property, environmental and other transaction-relevant issues.