Italian private-equity firm Aksìa is bringing in pan-European investor PX3 Partners as a co-shareholder in pizza and savoury bakery manufacturer Valsa Group.
In a statement, the two buy-out houses confirmed the completion of a “joint-control investment” alongside Valsa’s management team, which has also reinvested in the business.
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Financial terms were not disclosed.
However, the statement noted the deal was backed by three funds: Aksìa CF I, a nearly €200m ($221.7m) single-asset continuation fund; Aksìa Capital VI, the firm’s latest flagship vehicle; and PX3 Fund I, the inaugural flagship fund of PX3.
A group of lenders led by Pemberton provided debt financing for the transaction, while Belnord Capital served as lead investor in Aksìa’s continuation fund.
According to the investors, the new partnership is intended to support Valsa’s “next phase of growth”.
The push will focus on “accelerating its international expansion, broadening its customer base, increasing manufacturing capacity and continuing to pursue product innovation and selected M&A opportunities”.
Aksìa founding partner Marco Rayneri said: “As we believe there is significant further value to be created, we have decided to renew and increase our commitment to Valsa Group’s next phase of growth through the establishment of Aksìa’s first continuation fund and through our new flagship fund.
“We are pleased to embark on this next chapter alongside a valuable partner such as PX3 and a strong management team, whom we would like to sincerely thank.”
Valsamoggia-headquartered Valsa Group operates eight production sites across Italy and supplies retail and foodservice customers in more than 40 markets.
Its portfolio includes pizza, pizza bases, pinsa, focaccia and panzerotti, sold predominantly in fresh and private-label formats.
The company was formed through a buy-and-build strategy launched by Aksìa in 2020 with the acquisition of Valpizza, an international supplier of mainly frozen pizza.
Since Aksìa’s initial investment, Valsa has made six add-on acquisitions. This includes snapping up fellow Italian business I Maestri del Forno in September.
Valsa CEO Marco Setti said: “We are proud to see the path that Valsa Group has undertaken so far, both in terms of financial performance as well as in terms of ability to timely and effectively integrate the companies and the teams that joined the group over the years.
“We are definitely enthusiastic to start developing a new chapter. We believe that the renewed identity of Valsa Group, supported by Aksìa and PX3, will facilitate a further and stronger growth across the international markets.”
