Fondo Italiano d’Investimento has acquired a 70% stake in Santangelo Group, a bakery business in Italy.
According to the Italian investment firm, the transaction is the fifth deal completed in the last 18 months through its subsidiary Fondo Italiano Agri&Food Fund (FIAF).
Fondo Italiano d’Investimento said in a statement the remaining 30% interest in Santangelo is held by the bakery company’s CEO Gianluigi Formichetti, who will remain in that role and lead the business going forward.
Financial terms of the deal, which is expected to close this month, were not disclosed.
Founded in 1968, Santangelo produces both branded and private-label breakfast bakery products for the retail channel, including croissants and the Italian speciality panettone.
It operates out of a 5,000 square-metre facility in Terni in the Umbria region of Italy and employs around 180 people.
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By GlobalDataBetween 2020 and 2024, Santangelo more than doubled its revenues to €32m ($37m) in the most recent fiscal year, with exports accounting for over 25% of its total turnover, according to the statement.
FIAF said it aims to “strengthen Santangelo’s position as a benchmark in the premium leavened baked-goods segment”.
Senior partner at Fondo Italiano d’Investimento, Marco Pellegrino, said: “We are particularly pleased to support Gianluigi Formichetti and his entire team in the next phase of Santangelo’s growth.
“Beyond the company’s strong financial performance, we greatly value the quality of its products, the artisanal nature of its production, and its positioning as a leading brand in the premium breakfast leavened goods segment.”
Formichetti added: “Santangelo has proven its ability to expand even in a fluctuating consumption environment. The investments outlined in the business plan shared with FIAF will equip us with the tools and resources to further develop our offering of high-quality, wholesome, and delicious premium products, both in the domestic market and key international ones.”
Last year, Fondo Italiano d’Investimento acquired a majority stake in local cured meat manufacturer Trinità Spa Industria Salumi.
It also took part in an investment in Casa della Piada, an Italy-based bakery products manufacturer, and acquired a majority stake in pasta maker Pasta Berruto.
