Eurochef Italia, the Italy-based ready-meals supplier, has struck a deal that sees the company get a new majority shareholder.

Italian private-equity firm Alcedo has snapped up a 68% stake in Eurochef Italia from the company’s three founders.

Two of the three founders – Stefano Stanghellini and Alessandro Cipriano – will each retain a 16% stake and continue to work at the business. Financial details of the deal were not disclosed.

Verona-based Eurochef Italia, set up 1998, sells branded and unbranded meals. The company’s branded meals are marketed under the Lo Chef a Casa label. Eurochef Italia’s forecasted revenue for 2019 is more than EUR19m (US$21.1m).

In a statement announcing the deal, the founders said they were on the lookout for a partner to work with them on growing Eurochef in Italy and abroad, including through acquisitions.

Cipriano said: “The presence of a strong and strategic investor like Alcedo on our side will increase and accelerate the development of the inherent potential of what is already a true success story.

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“The Italian market is made up of many small companies specializing in a single or a handful of products such as pastas, vegetables and pizzas. We will work to bring together some of these excellent companies to offer our customers an even wider range of products with the highest quality. This will strengthen our position as a trusted partner to major Italian wholesale distribution chains and also support our growth in new sectors, new markets and also abroad.”

Alcedo chairman Maurizio Tiveron echoed Cipriano’s comments on possible deal-making. “Alcedo very much looks forward to work alongside
the two founders – Stefano Stanghellini and Alessandro Cipriano – to accelerate the growth and internationalisation of Eurochef, also through aggregations in a market that is still highly fragmented, but showing many absolute excellences,” he said.