Ambienta, a sustainability-focused asset manager, has taken a majority stake in Italian plant-based dairy group The Bridge.
It has acquired the business from its founders, the Negro Marcigaglia family, for an undisclosed sum.
As part of the deal, the Negro Marcigaglia family will reinvest alongside The Bridge's new owner and will continue playing "a key role in the growth of the business", a statement from Ambienta read.
Founded in 1994, The Bridge makes plant-based drinks, yoghurts and desserts, among other products. It is based in San Pietro Mussolino, near Vicenza, and manufactures its goods in-house.
The brand sells both under its own name and through private-label partnerships, with around 80% of its revenue coming from outside Italy, the statement said.
Paolo Negro Marcigaglia, shareholder of The Bridge, said: “Over the years, we have built a company rooted in quality, innovation and respect for the environment, in Ambienta we found a like-minded partner to support and accelerate our expansion, strengthen our organisation and continue investing in innovation to capture the significant opportunities ahead in the plant-based sector.”
Ambienta has been assessing opportunities in plant-based foods since 2017, according to the statement. The group also has a minority stake in Nactarome, which produces natural flavours and colourings for the food industry.
The latest deal is the second investment for Ambienta under its Small Cap Fund. Its first investment under this fund was in the Italian water treatment and recycling solutions firm P.I.Eco.
Ambienta added The Bridge is well positioned” to expand further in Italy and worldwide, "both organically and through selected acquisitions". It said it will support the company’s goal of becoming “one of the leading players in the sector, bringing deep expertise in partnering with entrepreneurial families to accelerate growth".
Ambienta partner Francesco Lodrini said: “We are proud to announce our investment in The Bridge. Food production is one of the most critical areas in the transition to a more sustainable economy, and plant-based alternatives play a key role in reducing the environmental footprint of the agrifood value chain.
“This second investment for Ambienta Small Cap in just a few weeks, embodies what this strategy stands for: deploying our capabilities and network to support companies also on the smaller end of our investment range to seize growth opportunities in markets driven by environmental trends”.
