"My love for the Italian way of life was simply stronger." For Richard Retsch, this realization would change his life completely.
More than 30 years ago, he turned his passion into a profession. The tax official became an entrepreneur.
After a lengthy stay in Italy, the Nuremberg resident founded “Il Nuraghe” in 1981 together with Gesuino Atzeni, a native of Sardinia. Based in Fürth, the company imports Italian delicacies and distributes them to wholesale and retail customers, as well as to the food service industry and end consumers. The sensual pleasure, the Mediterranean zest for life, and the diverse cuisine of Italy—Retsch and Atzeni wanted to bring a little “dolce vita” to Germany. “We started with wine from Sardinia,” says Retsch. “Our name comes from there, too.” Nuraghes were the prehistoric structures built by the island’s indigenous people. These structures symbolize high-quality craftsmanship and authenticity—values to which “Il Nuraghe” is also committed.
External Succession as the Only Option
Over decades, the business partners built close personal relationships with regional suppliers. Today, the company is supplied by about 100 producers from all over Italy. Most of these businesses have been family-owned for generations. For the delicatessen owners themselves, passing the business on to the next generation was not an option. “Since neither of us has children, external succession was the only option for us,” explains Retsch. This is a concept that senior entrepreneurs often find difficult to accept. “Many have a hard time letting go of their life’s work,” confirms Nicolas Rädecke, managing director of the SME and succession portal Deutsche Unternehmerbörse (DUB.de).
Retsch and Atzeni, however, acted in a timely manner. When Atzeni celebrated his 65th birthday in 2012, they hired Uwe Kehlenbeck from the consulting firm Omegaconsulting. Kehlenbeck listed “Il Nuraghe” on several online business-for-sale portals, including DUB.de. The response to the sale listing was positive. But not every prospective buyer was a good fit. “A company that stands for pleasure and sensuality, for example, would be in completely the wrong hands with a technocrat,” explains Kehlenbeck. “It’s important that the chemistry is right.”
Working Together for the Company
The two owners took an immediate liking to Frank Peters at their very first meeting, not least because of the prospective buyer’s extensive experience as a senior executive in the delicatessen sector. “We also liked that he wanted to build on existing structures and retain our employees,” says Retsch.
Although based in northern Germany, Peters traveled to Franconia several times to visit the company’s headquarters and warehouse in Fürth, as well as the associated retail store in Nuremberg. “I was looking for a financially sound, medium-sized company in the food sector,” says Peters, who holds a degree in business administration. He found it in “Il Nuraghe.” “What convinced me included the product concept—particularly as a niche provider of organic delicacies—the stable financial figures, and the potential for new distribution channels.”
He moved to Franconia for the company. “There’s no other way to do it with an owner-managed business,” says Peters. “You have to be fully committed to it.” It’s thanks to Peters’ commitment and the former owners’ good instincts that it took only nine months from the initial contact to the signing of the deal in August 2013. “That’s very fast. We usually expect it to take one to two years,” says Kehlenbeck.
The new owner also thinks in terms of years. Already in his fifties, Peters sees “Il Nuraghe” as a ten-year project. “After that, I’d like to hand the business over to my two children.” It’s a realistic option—both are interested. So “Il Nuraghe” would become a family business after all. To ensure a smooth transition, the previous owners are serving as consultants to the new owner for the time being. Peters is working particularly closely with Retsch. Together, they’ve already visited suppliers in Italy. “The relationships are very personal; transferring them requires trust,” says Retsch.
“It’s also important to understand how the Italian market works.” For Peters, this is a welcome challenge that he’s tackling with enthusiasm. The next step? “Definitely, I’m going to start learning Italian first.”
