Italy-based ice-cream producer Gelato d’Italia has bought the assets of local ice lolly maker Gelati Giuntoli from administration.
The Joy-Veg owner has purchased the brand, plants and production assets of Tuscany-based Giuntoli. Financial details were not disclosed.
In a post on LinkedIn, Gelato d’Italia said the “move strengthens our leadership in the Italian market and also makes us the largest player in the water ice category.”
The investor-backed company added: “We are gearing up for more acquisitions in Europe and North America to grow further our capabilities and expand our market reach.”
Gelato d’Italia CEO Marco Pellegrino said in a separate notice on its website that the ice-cream producer will retain the staff who were employed by Giuntoli.
“This first step strengthens our position in the Italian market, thanks to a greater production capacity, which will allow us further growth,” said Pellegrino.
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“We are happy to announce that the former Giuntoli employees will make the site 100% operational for the start of the next summer season.”
Matt Frost, Gelato d'Italia's operating partner, said the transaction “has been long in the making”.
Giuntoli's portfolio included brands such as its namesake line and Tutta Natura.
Gelato d'Italia, wholly owned by Davidson Kempner-Afendis, is a co-producer and private-label manufacturer that sells in European and North American markets.
It owns four brands: Indianino, Gelato d’Italia, Gelato da Sogno and the vegan ice JoyVeg.
According to the company’s website, it produces 7.6 million popsicles a year.
In July 2022, Davidson Kempner Capital Management, headquartered in New York, and Turkey-based Afendis Capital Management, signed a “definitive agreement” to acquire Gelato d’Italia for an undisclosed sum.