Italian confectionery companies Pernigotti and Walcor have been merged by their private and government investor owners.
A filing with the Italian stock exchange said the combined entity, which was unnamed, has an annual turnover of approximately €70m ($82.5m) and over 340 employees, with an export presence in around 50 countries.
Production will continue at facilities in Novi Ligure (Alessandria) and Pozzaglio ed Uniti (Cremona).
Pernigotti has been owned by JPMorgan Asset Management since 2022, which acquired the business through its Lynstone fund. JPMorgan also took a majority stake in Walcor and was joined with a minority holding by Invitalia, Italy’s agency for promoting investment and economic development.
Walcor said in a separate statement that the deal will “simplify the structure, expand the commercial offering, and improve operational efficiency”, supporting “agile management and quick decision-making”.
The board of directors of Pernigotti have appointed Francesco Pastore as the new CEO of the combined group and Luigi Mastrobuono will step in as chairman of the board.
“Attilio Capuano, who led the companies up to this integration, is thanked for his work,” the statement read.
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By GlobalDataMastrobuono said: “This merger is a demonstration of our vision to support and relaunch Italian excellence. Now united, Pernigotti and Walcor represent a successful model of the Historic Brands Safeguard Fund. The arrival of Francesco Pastore is a crucial step for our future.”
Pastore added: “The merger with Walcor is more than an operation: it is the creation of a confectionery hub that combines tradition and innovation. My commitment will be to leverage synergies, expand our global presence, and inspire our team to reach new milestones. Together, we will build a successful future.”
Founded in 1954, Walcor specialises in chocolate coins, hollow figures, and Easter eggs.
Pernigotti, established by Stefano Pernigotti in 1860 and later sold to the Toksoz Group, offers Italian chocolate products such as Gianduiotto, Cremino, and Nocciolato, as well as spreadable creams, and seasonal items.
In 2022, the Toksoz Group sold Pernigotti to JPMorgan’s Lynstone fund.
With Invitalia already a minority shareholder in Walcor, the shares of Lynstone and Invitalia have been “aligned” in both companies, according to Pernigotti’s website.
