Clessidra Buys 70% of Citres in Agri-Food Push

Clessidra Green Harvest, the dedicated agri-food investment vehicle of Clessidra Private Equity SGR, has secured a controlling 70% stake in Citres spa, a prominent Italian producer of preserved vegetables. This strategic acquisition marks the fund's third investment since its inception, underscoring its commitment to consolidating its presence in the food processing sector. The Compri family, founders of Citres, will retain a significant 30% ownership and continue to play a vital role in the company's operational management, signaling a collaborative approach to future expansion.

The transaction, facilitated by financial backing from Banco BPM, which also served as the agent bank, and Banca Nazionale del Lavoro (BNL), injects fresh capital into Citres, a Verona-based firm established in 1958. Citres specializes in a diverse range of products, including pickled vegetables, vegetable creams, and pestos, leveraging a 'fresh processing' model that emphasizes immediate transformation of seasonal raw materials. This operational philosophy aligns with growing consumer demand for high-quality, minimally processed food items.

This move by Clessidra Green Harvest follows two prior successful investments: the acquisition of 70% of Laurieri, a producer of baked goods, in November 2025, and a similar 70% stake in Errebi Technology, a manufacturer of precision molds for the food industry, in August 2026. These earlier deals, also structured with significant stakes retained by the founding families, highlight Clessidra's strategy of partnering with established businesses to drive growth through operational enhancements and market expansion.

Citres, operating from a modern 30,000 square meter facility in Bovolone, generated revenues of €38.46 million in 2025, reflecting a 2.6% increase from the previous year, with a net profit of €5.23 million. Approximately 40% of its turnover is derived from international markets, serving major retail chains. The company holds key certifications such as BRC Global Standard, IFS, and BIO, reinforcing its commitment to quality and safety standards within the competitive food preservation industry.

The Italian food processing sector, a significant contributor to the nation's economy, is experiencing steady growth driven by both domestic consumption and strong export performance. Trends such as increased demand for convenience foods, plant-based alternatives, and sustainably sourced ingredients are shaping the market. Citres' focus on 'from fresh' processing and its established export channels position it well to capitalize on these evolving consumer preferences. Clessidra's investment is expected to accelerate Citres' growth trajectory, potentially through further product innovation, market penetration, and operational efficiencies.

The financial advisory and legal teams supporting the transaction included ADVANT Nctm for legal, M&A, and financing aspects, Studio Spada for tax, KPMG for M&A advisory and financial due diligence, Efeso for operations due diligence, Ramboll for ESG due diligence, and Marsh for insurance. The Compri family was advised by lawyers Giovanni Barbini and Filippo Magrini, Andrea Fassina Corporate Advisory as M&A advisor, and Abaco Commercialisti Associati for tax matters. The banks were represented by Legance.