Italian agribusiness group BF has agreed to sell a controlling stake in its couscous business Bia to private-equity firms PM&Partners and Armònia.
Financial terms of the transaction were not disclosed.
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In a statement on LinkedIn, PM&Partners said the investment aims to “accelerate Bia’s growth trajectory through external development opportunities, leveraging its strong customer base both in Italy and abroad”.
Bia is currently held by BF Agroindustriale, which is controlled by BF, alongside Ocrim – Società per l’Industria Meccanica and Investimenti Industriali.
Following completion of the deal, BF AgroIndustriale and Investimenti Industriali will reinvest and retain holdings of around 10% and 5% of Bia’s share capital, respectively, BF said in a separate statement.
BF said it acquired Bia in 2022 as part of a wider plan to “develop an integrated grain hub aimed at consolidating control” over the Italian food supply chain.
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By GlobalDataUnder its ownership, Bia’s revenues rose from about €33m ($37.9m) in 2021 to €48m in 2024, with EBITDA of around €7m, supported by increased production capacity, entry into new markets and channels, and a shift towards higher value-added products, Milan-listed BF added.
Federico Vecchioni, chairman of BF, said: “We are proud to welcome qualified investors such as PM&Partners and Armònia into Bia’s share capital, which will foster Bia’s consolidation as a leader in couscous production and marketing and, at the same time, enable the BF Group to continue investing in strategic food supply chains with the best margins through further M&A transactions.”
Bia focuses on private-label couscous and has “recognised leadership” in Italy, France and Spain, with “strong positioning” in gluten-free and organic ranges, PM&Partners noted in its LinkedIn post.
According to its website, Bia produces couscous at three facilities in Argenta town in the province of Ferrara, one of which is dedicated entirely to gluten-free products.
It has an annual production capacity of 54 million kilograms and packages more than 24 million cases a year.
Bia also manufactures and packs couscous under its namesake brand.
Beyond Bia, BF’s portfolio includes Le Stagioni d’Italia, offering Italian pantry staples; Zorzi, known for dried legumes and cereals; and Fabianelli, a maker of premium pasta.
BF reported consolidated revenue in 2024 rose 8.5% to €1.5bn from 2023.
EBIT increased to €46m, a rise of roughly 53% from the prior year, while net profit was €13m versus €4m.
