Italian company Orsero has signed an agreement to acquire a 75% stake in Sardinian wholesaler and distributor of fresh fruit and vegetables Fruttital Cagliari.

The Italian firm already holds 25% of the share capital in Fruttital Cagliari.

Under the terms of the agreement, the company has agreed to pay €5.1m, equal to approximately six times the average 2017-2018 EBITDA of the acquired company.

The company will pay €4.05m on the execution date and the remaining €1.05m within one year.

Fruttital Cagliari has a 3,200m² operating site for storage and conservation of fruit and vegetables at a controlled temperature, as well as banana ripening rooms.

Orsero Group CEO Raffaella Orsero said: “With this acquisition, which follows two more achieved in the last few months in Spain and France, we confirm the desire of the Orsero Group to grow and consolidate more and more in the distribution of fresh fruit and vegetables.

“Futtital Cagliari will be our distribution hub in Sardinia, allowing us to increase our penetration of the local market and further improve the positioning and offer of products in the area.”

To fund the deal, the company intends to make use of financial resources.

Recently, Orsero opened its fourth cut fruit processing centre in Cagliari.

The company reported average revenues of more than €16m in the two-year period between 2017-2018, with an average adjusted EBITDA of about €1.2m.