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Savino Del Bene S.p.A.

Altios Accompanies Savino Del Bene S.p.A. Expansion in France

Language and cultural norms can be a major barrier to acquisitions. However, Altios' innovative M&A approach meant we could grow our presence in France and ensure a smooth transition of Tramar and Alpinea Shipping within our business structure and corporate culture.

Gianni Bachini
Savino Del Bene’s Managing Director of Spain, Portugal, and France


  • In the early ‘90s, Savino Del Bene opened its first office in Paris, France, as part of the company’s international expansion that was begun in the 1950s by the founder’s son Alessandro Del Bene. The company continued to expand in France, later opening offices in Lyon and Bordeaux.

  • “It became evident that for us to grow our business in France, we needed to have a strong presence in the two major maritime ports, Le Havre and Marseille,” said Gianni Bachini, Savino Del Bene’s Managing Director of Spain, Portugal, and France.

  • “We knew the fastest approach to expansion in the French marketplace would be through acquisition.” But to do so would mean finding the right partner and, just as importantly, meeting complex French legal requirements. “We needed to think the French way,” commented Mr. Bachini.


  • After successfully acquiring Alpinea Shipping in October 2021, Savino Del Bene sought Altios Corporate Finance‘s help again to further its expansion in France and Europe.
  • The Altios team began the second M&A project for Savino Del Bene by conducting a complete market analysis and shortlisting potential acquisition candidates.
  • Following the initial successful introduction meeting, Altios led the next steps in the M&A project.


  • By the end of 2021, Savino Del Bene had grown its revenue in the French market by more than €50 million through the two successful acquisitions. “By bringing Tramar and Alpinea Shipping within our family, we could expand our European network and footprint throughout France and strategic maritime ports,” said Mr. Bachini.

  • Throughout the two acquisitions, Altios developed a close working relationship with the team at Savino Del Bene. This strong partnership approach ensured all parties in the M&A process were part of the process.
  • Language and cultural norms can be a major barrier to acquisitions. However, Altios’ innovative M&A approach meant we could grow our presence in France and ensure a smooth Tramar and Alpinea Shipping transition within our business structure and corporate culture,” commented Mr. Bachini.

Want to know more about Savino Del Bene’s experience and its international development?

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Company Profile

Founded in 1899

Headquarters in Florence, Italy

International shipping and logistics support services

Operating in more than 60 countries

5,300 employees across 306 offices

Annual revenue €4.5 billion

logistic maritime

/ EOS Imagining

EOS imaging Leverages Altios’ Expertise in Asia Pacific

We intend to develop further our investments in the region. Altios is a trusted partner and has been instrumental in our initial expansion in the region. Their knowledge of the markets and expertise in the legal, regulatory, and financial environment in Singapore made the project a success for us.

Anne Renevot
Chief Financial Officer of EOS imaging during the project


  • In 2008, EOS imaging installed its first systems in Europe and North America. By 2012, the company became a publicly traded company on the Euronext Paris (EOSI) exchange.

  • To further its international growth, the company decided to move into the Asia-Pacific market following an initial sale in Singapore.

  • “Singapore was an ideal location to expand into the Asia-Pacific region as it provided the perfect platform to showcase our technology and solutions,” said Anne Renevot, Chief Financial Officer of EOS imaging*.

  • EOS imaging turned to Altios to determine the best approach for its development in region. “For our initial entry into the market, we did not have the local expertise required to set up our first sales offices,” said Renevot.


  • In 2013, EOS imaging had to identify implement the best structure for their launch in the Asia-Pacific region.
  • The Altios team in Singapore brought to EOS imaging in-depth market knowledge and expertise in legal, financial, and human resources.
  • To minimise risk and reduce initial investment requirements, Altios recommended a phased approach to market entry.
  • EOS imaging set up a sales office in Singapore. Altios’ local team handled the administrative and legal requirements, while also hiring EOS imaging’s first employee in Singapore.
  • The lean structure provided the company with its office in Singapore before engaging in a more substantial investment.
  • By 2015, as a second phase of development, the company set up its first Asia-Pacific subsidiary in Singapore. Altios’ on-the-ground team in Singapore provided the legal and financial expertise and talent search for the new subsidiary.


  • The two-phase approach provided EOS imaging the knowledge and time to learn and build its presence in the Asia-Pacific region progressively. By ultimately opening its first subsidiary in Singapore, EOS imaging can reinforce its presence in the region.
  • The EOS imaging team in the Singapore office handles talent acquisition for its sales and equipment maintenance requirements.
  • Altios manages the running of the subsidiary.

Learn more about EOS Imaging:

Company Profile

Based in Paris, France, the company has international offices in the U.S., Canada, Germany, and Singapore

Annual Sales: €35 million in 2018

International Sales: targets the $2 billion annual market opportunity (300 system installations in 30 countries).

Industry: 2D/3D orthopaedic medical imaging and software solutions for 3D anatomical modelling and surgical planning

Target country: Singapore

/ Monin India

Altios Enables Monin to Expand Quickly in India Through a Greenfield Investment Project.

What sets Altios apart are its network and people. Altios is always looking towards the future for its customers and is prepared for whatʼs next.

Germain Araud
Director at Monin
  • With annual revenue of €300 million (2018) and 75 per cent of its sales outside of France, global markets play an instrumental role in Monin’s growth. For the company, expansion into a high-growth market was strategic.
  • In 2016, Monin was ready to take the next step in India after several years of successfully exporting its products in the country.

  • Monin turned to Altios due to the firm’s knowledge and experience in India. Thanks to Altios, the company determined that the best entry-point was the creation of a subsidiary and a production facility in India.
  • First, Altios advised on the best options for manufacturing its products in the country. Monin could either acquire an existing manufacturer, co-pack or build a new facility. Monin finally decided to set-up a manufacturing site to ensure the high-quality standards of their brand, close to its customers.
  • The Altios team researched the best regions for the site. Altios and Monin visited multiple locations across India. They evaluated them based on several factors, including access to raw materials, roads, and, labour, as well as, taxes, local laws, and investment incentives that differ by state.
  • Altios worked with local governments, and assisted in subsidiary incorporation, management, and expansion of the Monin India team.
  • The two-fold solution meant that Monin could adapt its flavours to the Indian market while ensuring product quality.
  • Local knowledge is particularly important in India due to the unique business finance laws of the country. New incorporations are required to plan their finance needs three to four years in advance. The Altios team in India provided an accelerated direct investment in the complex market of India through local recruitment of talent and creation of a subsidiary.
  • Monin India Pvt. Ltd. officially incorporated in February 2019. The company aimed to commission its Make-in-India Phase 1 factory by 2021.
  • “The value-added of Altios to Monin is our local footprint and knowledge,” said Madhav Raina-Thapan, Director of Altios India. “Working on the ground in India, we know legal and administrative regulations, and social and political nuances”.
  • In-country manufacturing facility ensures Monin’s standards of high-quality products, and local flavour creations are maintained. Germain Araud of Monin said Altiosʼ local presence and network allows them to be closer to their customers, and to keep them in mind throughout the expansion process. “Today, customers want natural products, and they pay attention to where ingredients are sourced,” said Araud.

Leran more about Monin:

Company Profile

French family-owned company founded in 1912

Annual Sales: €300 million

International Sales: 75% (150 countries)

Industry: Gourmet flavours (syrup) for drinks and culinary

Target country: India

/ Abicalçados

Altios Guides Abicalçados’ Entry into the Competitive French Footwear Market

In France, brands require an agent. From the study, we understood this to be our key factor to succeed in the competitive French footwear market.

Paola Pontin
Trade Promotional Analyst, Abicalçados


  • The Brazilian Footwear Industries Association (Abicalçados) represents the country’s footwear industry and 350 brands in Brazil.
  • As the second-largest importer of Brazilian-made leather footwear, entry into the French market was instrumental for Abicalçados as well as the other 350 brands.
  • With a staff of only 30 full-time employees, Abicalçados needed a trusted partner to penetrate and succeed in the French footwear market.
  • The French market is notoriously hard to enter with new brands,” said Paola Pontin, Trade Promotional Analyst at Abicalçados. “Plus, being in Brazil, we had the added factors of distance, exchange rate, and more.”
  • It was essential to find the best way to expand its exports into the country.


  • Altios’ reputation, proximity, and local knowledge of the French marketplace made them the perfect choice for Abicalçados.
  • Altios looked at market entry and growth for Brazilan footwear imports into France.
  • We had a meeting with Altios to discuss our needs and what they could bring to the table. Their French team interviewed consumers, key players, and decision-makers,” said Pontin.


  • Altios helped Abicalçados understand the dynamics of the market and optimal point of entry.
  • The analysis of growth opportunities and market research provided the information needed by Abicalçados to serve best the 350-member footwear brands.
  • Altios’ strength is its teams in the major markets,” said Pontin. “Didier Koch from Altios’ São Paulo office came to our office to present the study. The conclusions of Altios’ in-depth study not only helped us better understand the French footwear marketplace but will help us in the years to come.”

Learn more about Abicalçados:

Company Profile

Founded in 1983

Annual Sales:

International Sales: Footwear is a $1 billion export industry in Brazil to more than 150 countries

Industry: Footwear

Target country: France

Abicalcados Vertical

/ Lehning

Altios Leads Laboratoires Lehnings Acquisition of Brazilian Company

Altios helped us better understand the cultural aspects of expanding our presence in the market.

Stephane Lehning
President of Laboratoires Lehning
  • Laboratoires Lehning based in France specialises in natural healthcare solutions for human and animal wellness.
  • Already succeeding worldwide through subsidiaries and partnerships, Laboratoires Lehning set its sights on Brazil to further its expansion efforts in the Americas and to strengthen their offering to the growing market of natural healthcare solutions for livestock.
  • Brazil is the second-largest beef producer in the world, with the U.S. being the largest. Due to public health concerns about the consequences of the use of antibiotics in livestock production, the market of natural substitutes is projected to grow in the coming years.
  • Brazil can provide sourcing of high-quality raw ingredients due to the country’s biodiversity.
  • To determine the best entry-point into the Brazilian market, the company looked to Altios due to their expertise in mergers and acquisitions.
  • Altios conducted a strategic analysis to determine the best investment direction for the company.

  • An M&A was ultimately the best strategy to meet Laboratoires Lehning’s goals,” said Didier Koch, Managing Director of Altios Brazil. “The strong alignment in values and culture not only made sense for a merger, but allowed Lehning to reach its goals faster by acquiring an experienced team, efficient manufacturing plants, an established customer base, and access to the extraordinary biodiversity of the Brazilian Amazon,” added Koch.

  • Laboratoires Lehning and Altios began negotiations with Apis Flora. Founded in 1982, Apis Flora specialises in healthcare products for humans and animals based on propolis, honey and medicinal plant extracts.

  • The acquisition provided Laboratoires Lehning access to Apis Flora’s three high-performance production facilities in Brazil, and the company’s innovative savoir-faire in honeybee-based products.

  • To ensure a smooth transition for both companies, Altios provided support during the negotiations and the post-acquisition phase of the agreement.

  • Maintaining employee support and goodwill were extremely important to Laboratoires Lehning during the negotiation phase. “Altios’ knowledge of the local culture helped us determine what was most important to the founders and employees of Apis Flora.

    • Once the acquisition was completed, talent retention was a critically vital part of the acquisition’s success.
    • To further ensure success, Altios provided post-acquisition integration support services. This support included being the critical link between the Brazilian company and Laboratoires Lehning’s headquarters in France.
    • To ensure a smooth transition, Altios’ managing director of its office in Brazil co-managed the newly acquired entity to bridge the management teams of the parent company and Apis Flora.
    • Throughout the acquisition process, maintaining a dialogue which respected the cultural differences was essential and was one of the defining factors to the successful merger. “We learned the importance of team spirit and of working together for Brazilians. By being attentive to these important concerns, we were able to gain their trust,” continued Lehning.

    • The successful acquisition has provided to both entities a stronger global presence and expanded the market reach of their respective products.
    • Our collaboration with Lehning has recently been extended to Business Development in the United States with its subsidiary Phytosynthèse.

Learn more about Lehning:

Company Profile

Founded in 1935

Annual Sales: €56M

International Sales: 50% (20 countries)

Industry: Natural healthcare solutions for human and animal wellness

Target country: Brazil