IQ Made in Italy Investment Co., a venture between the state funds of Italy and Qatar, has acquired 28.4% of Italian meat processor Inalca.

The owner of Inalca, the Italian food group Cremonini, will retain the rest of the business. Inalca produces beef, processed meat, cold cuts and snacks under the brands Inalca, Montana, CorteBuona and Ibis.

IQ Made in Italy, set up by Italy’s investment fund FSI and Qatar Holding, was formed in 2013. The investment in Inalca is the venture’s first.

Maurizio Tamagnini, CEO of FSI, said: “The Italian food sector has several excellent companies which growth can be boosted thanks to the support of long- term risk capital investors.”

Investment proceeds will be used for organic growth and acquisitions.

“Fondo Strategico Italiano and Qatar Investment Authority are highly qualified risk capital investors with a long-term investment horizon. This led us to positively consider their entry in Inalca’s capital and to share with them our strategic vision and development plans. The investment through a capital increase allows us to accelerate growth plans in Italy and abroad,” Vincenzo Cremonini, CEO of Cremonini, said.

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In 2013, Inalca reported revenues of EUR1.56bn (US$1.95bn), EBITDA of EUR124.9m and net income of EUR20.6m.

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