Panapesca, an Italy-based seafood processor, has acquired a 65% stake in Il Faro Quality Fish as the investor-backed business seeks to expand its portfolio into the ready-meals segment.

Owned by Xenon Private Equity in Luxembourg, Panapesca produces a range of fresh and frozen seafood for the retail and foodservice channels. Financial details for the transaction were not disclosed.

Established in 2014, Il Faro,  based in Morciano di Romagna in Italy’s Rimini province, also serves the retail and out-of-home sectors, supplying frozen fish products, sauces and salads, as well as fish-based ready meals. The business is mainly focused on markets in the European Union. Its chief executive and founder Massimo Raffaelli will retain the remaining 35% of the company and will also remain in his CEO role.

Meanwhile, Fabrizio Paesini, the CEO of Panapesca, has been appointed president of Il Faro.

Panapesca runs three production plants, one each in Italy, Thailand and Morocco, and serves markets in the US, Japan and the Asia Pacific, according to a spokesperson for Xenon Private Equity, who confirmed the business turns over around EUR150m (US$162.5m) a year. 

Xenon acquired Panapesca, which is headquartered in the city of Massa Cozzile in Pistoia state, in 2018 from the Panati family.

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By GlobalData