Gias, the Italy-based frozen-food manufacturer, has sold a majority stake in its business to expand at home and overseas.

Two private-equity firms, Italy’s IDeA Agro and Spain’s Cleon Capital, have acquired the shareholding, with Gias retaining 49%. Financial terms were not disclosed.

Gias, based in Mongrassano in southern Italy, is a ready-meals manufacturer. It generates annual turnover of around EUR50m (US$60.8m). In a statement announcing the deal, it was stated Gias had “recorded a growth rate in the last five years of approximately 10% per annum”.

Gloria Tenuta, who will remain Gias' chairman and CEO, said: "Thanks to the support of IDeA Agro and Cleon Capital, we hope to give further impetus to the growth of GIAS on the national market and, above all, on foreign markets." Around 30% of Gias' turnover is made outside Italy.

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By GlobalData

The new investors said they wanted to help Gias complete a production project at its site in Mongrassano, as well as increase the company's "commercial presence abroad".