Manuzzi, an Italy-based dried fruit and nuts business, has sold a majority stake in the company to local private equity firm Hyle Capital Partners.

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Milan-based Hyle has bought the stake through its Finance for Food One fund. It is the fund’s first acquisition.

The size of the stake and the amount paid for it have not been disclosed.

Hyle said its goal through the deal is to “support the two founders, Aurelio Manuzzi and Fabio Barbieri, in an important development and managerialisation project”. It said it wants to help accelerate growth and strengthen Manuzzi’s position within the major retail chains in Italy.

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Cesena-based Manuzzi was founded in 2005 - based on a long-standing family-owned fruit business of the same name - and has a product portfolio ranging from nuts in the shell and shelled to soft dried and dehydrated fruit and "functional mixes". It had a turnover of EUR16m (US$19.2m) in 2020, 20% up on the previous year.