...Umami Bidco S.a r.l.'s rating reflects its strong position in the niche professional kitchen equipment market, supported by Robot-Coupe's brand and pricing power. The rating is constrained by the group's small scale and modest product diversification relative to broader industrial peers, and its highly leveraged financial profile. The company's leverage remains outside the downgrade sensitivity of 5.5x following the disposal of the Magimix brand in 2H25, as proceeds and excess cash were returned to shareholders. Fitch Ratings expects gross leverage will improve from about 6x at-end 2025 to about 5.4x by 2028, supported by gradually improving EBITDA generation. However, this is contingent on there being no further opportunistic actions by shareholders that might be detrimental to the credit profile....
