Italian asset-management firm Riello Investimenti has acquired a majority stake in local frozen-food company Italsur.
Riello Investimenti said in a statement it has struck the deal through its private-equity fund Buy&Build Opportunities but did not reveal the financial terms.
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Italsur is a family business founded in 1990 by Domenico Tullii, whose sons Carmine and Andrea now run the company.
Headquartered in Notaresco in the province of Teramo, it is described as a plant-based foods business with revenues of more than €23m ($25.8m).
Italsur supplies retail customers through its Campi Reali brand but also private-label frozen-food products and the B2B channel.
Its portfolio features a range of frozen vegetables, including fries, along with vegetarian burgers.
Marco Visini, the investment director of private equity at Riello Investimenti, said: “Our goal is to support management, leveraging the company’s existing wealth of experience and professionalism and integrating it with our financial and industrial expertise.
“We believe this complementarity can be a key element in guiding Italsur on a more structured growth path, creating the conditions for a qualitative leap and greater solidity in addressing future challenges.”
Riello Investimenti said Italsur is the third deal struck by the Buy&Build Opportunities fund, which was launched last year with an investment target of €300m across food and beverages, lifestyle and wellness, and manufacturing and automation.
A similar deal in the Italian frozen-food sector was also recently announced.
Bluegem Capital Partners has taken a majority interest in Rispo Group, which makes products including arancini, olive all’ascolana and fiori di zucca for the retail, foodservice and B2B channels.
The private-equity investor said it was acquiring the business from Europe Capital Partners in a deal that sees Rispo’s management also invest in the firm with an undisclosed minority stake.
