Aksìa has sold its majority stake in Italy-based baked goods company Casa della Piada to fellow private-equity firm Wise Equity.

Six years ago, Aksìa acquired a controlling stake in the then family-owned Casa della Piada.

Financial terms of the deal were not disclosed.

Casa della Piada, founded in 1974, is a manufacturer of bakery items. It produces baked goods such as piadina and tigelle for large-scale retailers and it has its own brands, Casa della Piada and Gastone. The business’s brands are present “in all major Italian food retailers”, Wise Equity said in a statement.

The company has factories in Modena, where is headquartered, and Ravenna. It projects a turnover of more than €50m ($54.3m) in 2024.

Casa della Piada, which has five plants and four warehouses, markets a product portfolio that includes pizza bases, baguettes, rolls and other bakery products.

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Wise Equity is looking to build Casa della Piada’s presence in export markets.

The new majority owner said the demand for piadina has “a high growth potential in the main European countries”.

It added it “sees solid growth prospects” for Casa della Piada “both organically and through acquisitions”.

Stefano Ghetti, senior partner at Wise Equity, added: “In Casa Della Piasa, We have identified the characteristics that usually distinguish our investments: leading company in a niche market, with growth prospects and great potential for expansion abroad, also through acquisitions.”

“Together with [Casa della Piada CEO] Marco Vespasiano, who has managed the company for the past five years, and the rest of the team, we believe we can write another piece of history, in continuity with respect to company values and culture, but with a more international scope, with the goal of spreading piadina hroughout Europe.”

Wise Equity invests in small and medium-sized companies with a focus on Italy.

The business has three funds under management: one with €215m of capital, another with €260m and a third with €400m.