Investor-backed Italian bakery producer Fornaio del Casale has struck three add-on acquisitions for Castelfood, Figulì and Dolciaria Ponte Vecchio.
Financial terms of the transactions were not disclosed.
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In a statement, private-equity firm and Fornaio del Casale’s owner Aksìa said the acquisitions represent the “first milestone in a buy-and-build strategy aimed at creating a leading group in the premium sweet and savoury snack market”.
Aksìa acquired a majority stake in Fornaio del Casale from Riello Investimenti and the founding Gecchele family in a transaction announced in August.
Under that deal, Riello and the family reinvested and retained minority stakes, and are now partnering with Aksìa on the latest acquisitions.
The three newly acquired businesses were bought from their entrepreneurial owners and are all family-run companies, Aksìa told Just Food.
The founders of the acquired businesses – Gianni Rizzato of Castelfood, Filippo Albertini and Fabio Sartori of Figulì, and Andrea Puccioni of Dolciaria Ponte Vecchio – will also reinvest and stay involved operationally, according to the statement.
Fornaio del Casale and the three newly acquired businesses will be brought together under a new entity, Equipe Del Casale Group.
Aksìa said the combined business will “enable the creation of a scalable and diversified industrial platform”, with “significant opportunities for cross-selling and commercial development”.
Fornaio del Casale, founded in 1969 and based in Casale sul Sile near Treviso, produces under the Gecchele and Antico Casale brands.
It will act as the industrial and commercial base for the enlarged group, with the three acquisitions each adding a distinct category.
Castelfood is active in cereal-, rice- and vegetable-based snacks and has a “strong” international footprint.
Figulì specialises in organic and natural baked goods, with a “strong positioning” in health-focused and gluten-free products.
Dolciaria Ponte Vecchio focuses on traditional baked goods, particularly cakes and doughnuts.
In response to Just Food’s request for more details, Aksìa said the three businesses mainly supply retail customers and also produce private-label products.
Their main markets are Italy and the UK, with Italy the largest market.
Filippo Anichini, an Aksìa partner, said: “The group is now embarking on an integration and consolidation process aimed at fully capturing the commercial and production synergies arising from the combination of the different businesses.
“We intend to further enhance the strength of the Gecchele and Figulì brands, alongside the development of new brands and an expansion of our presence in target markets.”
On a consolidated basis, Equipe Del Casale Group generates around €85m ($99.4m) in revenue and is targeting 10% growth in 2026, Aksìa said in its statement.
The group operates five production sites, employs 150 people and sells into more than 25 countries, with exports accounting for 20% of turnover.
Individually, Dolciaria Ponte Vecchio generates annual revenue of about €5m, while Figulì posts around €7m and Castelfood about €12m, the investment firm told Just Food.
